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3/26/13 - Systemically Important Reference Rates: A Central Bank Perspective

The Bank for International Settlements published a report March 18 that offers an innovative contribution to the current debate on financial benchmarks. The BIS report goes beyond the recent push for benchmark reforms and analyzes the important role of benchmarks in furthering public-policy objectives, particularly in the execution of monetary policy and preservation of financial stability.

This Sightlines InFocus by Anthony Murphy highlights the BIS report's focus on concrete steps that central monetary authorities may take — in conjunction with the financial industry — to encourage improvements in benchmarks' representation of the underlying market.