FCA To Allow 'Synthetic' Version Of Libor As A Transition

By Najiyya Budaly (November 16, 2021, 2:41 PM GMT) -- The City watchdog said on Tuesday that it will publish a "synthetic" version of Libor for existing contracts using sterling and yen when the benchmark interest-rate index is discontinued at the end of the year.

The Financial Conduct Authority said it will allow market participants who have existing contracts in sterling and yen, except cleared derivatives, to continue using a version of the London Interbank Offered Rate until the end of 2022.

The index, which underpins trillions of dollars of contracts, is being dropped at the end of 2021 after it was the subject of a widespread market manipulation scandal....

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