September 21, 2017 / 9:21 AM / a year ago

ECB to develop new overnight reference rate

FRANKFURT, Sept 21 (Reuters) - The European Central Bank will begin to publish a new, unsecured overnight interest rate by 2020 to complement existing benchmark rates and serve as a backstop reference rate, it said on Thursday.

“This interest rate will be based entirely on transactions in euro that are reported by banks in accordance with the ECB’s money market statistical reporting,” it said.

Central banks and regulators from around the world have been working to develop alternative benchmark interest rates, seeking to reform the current system, after allegations of manipulation by commercial banks that distorted reference rates.

Reporting by Balazs Koranyi; Editing by Gareth Jones

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