FCA To Use Post-Brexit Powers For Orderly Libor Wind-Down
Law360, London (November 18, 2020, 6:19 PM GMT) -- The Financial Conduct Authority said Wednesday that it plans on using its new post-Brexit powers to ensure the orderly wind-down of the tarnished London Interbank Offered Rate, which could include publishing an amended version of the interest rate benchmark beyond 2021.
The FCA said it will use powers handed to it under the Financial Services Bill to manage the U.K. financial services sector's transition from Libor to new risk-free benchmark rates. The bill is the British Parliament's blueprint designed to ensure that the domestic finance sector is open to international markets after the Brexit transition period ends in December.
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