As we realize that the adoption of the universal banking pattern will entail much preparation, we can see that the many aspects of the banking industry enhanced by API are starting points from which we start.
Use of these quotes for new contracts would create safety and soundness risks for counterparties and the financial system. We will supervise firms accordingly. Market participants should act now to accelerate their transition away from LIBOR. The reign of LIBOR will end imminently, and it will not come back. To return to where we started, the year of magical thinking is over.