A committee of large international banks on Thursday voted to adopt an interest rate benchmark from the U.S. Treasuries-backed repurchase agreement market (repo) as an alternative to the use of Libor in around $150 trillion worth of derivatives. The Alternative Reference Rates Committee (ARRC) was tasked with selecting a new rate at the behest of regulators including the Federal Reserve who worried that a decline in short-term bank lending since the 2008 financial crisis undermined faith in...