Finance Watchdogs Ramp Up Pressure For Libor Transition

Law360, London (January 16, 2020, 2:35 PM GMT) -- Banks and insurers must act now to move away from the scandal-hit Libor benchmark interest rate, British financial watchdogs said Thursday, as they set out milestones that companies should hit in 2020 or face potential regulatory action.

Watchdogs have urged financial services companies to move away from the London Interbank Offered Rate. (AP) The Financial Conduct Authority and the Bank of England have published guidance to push finance companies away from using the London Interbank Offered Rate in their financial contracts during this year. The interest-rate benchmark lost favor in the wake of a multibillion-dollar global rigging scandal and is due...

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