IGTA Journal - Summer 2018

Therefore, we must redouble our efforts to ensure a successful transition from LIBOR to a more sound and durable regime. Thank you for your kind attention. I would be happy to take a few questions. James Bergin, Raymond Check, Caren Cox, Gerard Dages, Joshua Frost, Matthew Lieber, William Riordan, and Kevin Stiroh assisted in preparing these remarks. 2 See Alternative Reference Rates Committee, Second Report , March 2018 3 See remarks byWilliam C. Dudley, Restoring Confidence in Reference Rates , October 2, 2014 4 See remarks byWilliam C. Dudley, The Importance of Incentives in Ensuring a Resilient and Robust Financial System , March 26, 2018 5 See, for example: William C. Dudley, Enhancing Financial Stabilityby Improving Culture in the Financial Services Industry , October 20, 2014 William C. Dudley, Opening Remarks at Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue , October 20, 2016 William C. Dudley, Remarks at the Culture Imperative – An Interbank Symposium , January11, 2017 William C. Dudley, Reforming Culture for the Long Term , March 21, 2017 Michael Held, Reforming Culture and Conduct in the Financial Services Industry: How Can Lawyers Help? , March 8, 2017 Kevin J. Stiroh, Misconduct Risk, Culture and Supervision , December 7, 2017 6 See remarks byWilliam C. Dudley, Lessons from the Financial Crisis , November 6, 2017 7 See Alternative Reference Rates Committee, Second Report , March 2018 8 The U.K. Wheatley Review led to changes in many areas of LIBOR, including statutory regulation of LIBOR, selection of a new administrator, new governance and oversight regimes, and a code of conduct for submitters. See The WheatleyReview of LIBOR: Final Report 9 See ICELIBORQuarterlyVolume Report – Q1 2018 10 See Boston Consulting Group, Staying the Course in Banking , March 2, 2017 11 See FCAstatement on LIBOR panels , November 24, 2017 12 See AndrewBailey, The Future of LIBOR , July27, 2017 13 See The Board of the International Organization of Securities Commissions, Principles for Financial Benchmarks: Final Report , July2013 14 See the Financial StabilityBoard’s publications on financial benchmarks 15 See Remarks byJerome H. Powell at the ARRC , November 2, 2017 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 6 / 6 BIS central bankers' speeches IGTA eJournal | Summer 2018 | 51