Regular blog readers are familiar with the steady -- and increasingly urgent -- drumbeat from central banks, regulators and finance ministers asking financial institutions please to step up the pace of their LIBOR transition implementation efforts.
The COVID-19 pandemic barely dented activity levels. Throughout the summer activity levels have demonstrated a sharply upward sloping curve:
Even the usually quiet August has seen a surprising amount of activity.
To see any activity in August on this issue is notable in general. Low volumes do not necessarily mean low importance. Consider yesterday's action by the Bank of Japan:
Translation for those not familiar with the Bank of Japan's diplomatic language: the autumn will bring stiff pressure by policymakers behind closed doors with the management of financial institutions.
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