Timothy Bowler, president of ICE Benchmark Administration at Intercontinental Exchange Inc., has an idea to help: Don’t... An “improved LIBOR" should coexist with SOFR, according to ICE Benchmark Administration President Timothy Bowler, who suggests separate benchmarks are needed for credit and interest-rate risk. The US Dollar ICE Bank Yield Index—like LIBOR but designed to be more accurate and harder to exploit—is yet to gain regulatory approval; meanwhile the Fed is continues to push SOFR adoption. Ex-Goldman Sachs and US Treasury , Bowler's pursuit of a LIBOR-like benchmark stemmed from financial crisis experience. In an interview with Bloomberg News, he said that while it was important to have better tools in place to measure risk, there were also risks associated with using them.
An “improved LIBOR" should coexist with SOFR, according to ICE Benchmark Administration President Timothy Bowler, who suggests separate benchmarks are needed for credit and interest-rate risk. The US Dollar ICE Bank Yield Index—like LIBOR but designed to be more accurate and harder to exploit—is yet to gain regulatory approval; meanwhile the Fed is continues to push SOFR adoption. Ex-Goldman Sachs and US Treasury , Bowler's pursuit of a LIBOR-like benchmark stemmed from financial crisis experience. In an interview with Bloomberg News, he said that while it was important to have better tools in place to measure risk, there were also risks associated with using them.