Traders Warned To Prep For Libor Phase-Out Now

Law360, London (May 31, 2019, 6:59 PM BST) -- The global standard setter for derivatives trading has warned firms not to wait until it is too late to change how their transactions' interest rates are calculated, saying in two years' time the U.K. Financial Conduct Authority won't force banks to uphold a benchmark interest rate used to price trillions of dollars worth of trades.

Scott O’Malia, the chief executive of the International Swaps and Derivatives Association, urged securities traders on Thursday to find alternatives to the London Inter-bank Offered Rate, or Libor, before banking regulators in the U.K. ease banks into alternative ways of calculating interest rates. 

Libor reflects the...

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