FCA Sets 2020 Target For Libor Interest Rate Swaps

Law360, London (November 21, 2019, 1:26 PM GMT) -- Britain's markets watchdog told banks on Thursday to stop offering sterling interest rate swaps contracts that refer to Libor from early next year, ahead of the planned 2021 demise of the tarnished benchmark.

The City regulator said it will start encouraging banks to start quoting and offering sterling interest rate swaps based on the Sterling Overnight Index Average rate. (AP) The Financial Conduct Authority said it will encourage lenders to make it standard practice to quote and offer sterling interest rate swaps based on the Sterling Overnight Index Average rate, or Sonia, from the first quarter of 2020.

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