Regulators Stress Senior Managers Role In Libor End Game
Law360, London (January 12, 2021, 12:29 PM GMT) -- The Bank of England and Financial Conduct Authority have urged the finance sector to be fully geared up for the retirement of the Libor interest rate benchmark, and reminded businesses that bosses handling the transition can expect closer regulatory scrutiny.
The London Inter-Bank Offered Rate is being phased out by finance authorities after a string of market-rigging scandals made it necessary to create updated benchmarks for global financial markets.
Businesses have just one year to stop relying on the benchmark. The Intercontinental Exchange Benchmark Administration, which is known as ICE and is Libor's administrator, plans to stop publishing all sterling Libor...
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