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Fed hosts meeting with banks, regulators on LIBOR alternatives

Reuters - UK Focus

WASHINGTON, Nov 17 (Reuters) - The Federal Reserve said it is hosting a meeting on Monday with banks and regulators to discuss the development of a reference rate alternative to LIBOR, the London interbank rate that was at the center of a global rigging scandal.

Expected participants in the discussion include Bank of America, Goldman Sachs (NYSE: GS-PB - news) , HSBC and central bank officials from England, Europe and Japan.

The Fed said that the meeting, held at the New York Fed, is a step toward implementing recommendations issued by a Financial Stability Board report in July. (Reporting by Michael Flaherty)