Markets Face Uncertain Transition From Libor, FCA Says

Law360, London (January 28, 2019, 4:08 PM GMT) -- The London Interbank Offered Rate could become redundant within the next three years, a senior U.K. regulator said Monday, urging markets to wean themselves off the benchmark as soon as possible.

Edwin Schooling Latter, director of markets and wholesale policy at the Financial Conduct Authority, said the “end game” for Libor — the rate that was at the center of a multibillion-dollar global rigging scandal —  is uncertain. Yet new financial contracts that refer to Libor are still being written, even though its demise has been scheduled for 2021.

"We think that the best and smoothest transition from Libor will be one...

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