The European Union is lagging behind the U.S. and U.K. in efforts to switch to new benchmarks underpinning financial contracts, pressuring treasurers at eurozone companies. Regulators want financial markets around the world to move away from interest rates derived from bank estimates. That is a move spurred by a manipulation scandal involving the London interbank offered rate used in hundreds of trillions of dollars worth of contracts, including mortgages and corporate loans. Instead of the so-called Libor, banks and companies...

Source: Wall Street Journal February 16, 2019 12:00 UTC