EU Says UK Libor Legacy Fix Not Compatible With Bloc's Law
By Najiyya Budaly (November 17, 2021, 2:46 PM GMT) -- Europe's markets watchdog has warned that the U.K.'s plans to publish a "synthetic" version of the Libor interest-rate benchmark for legacy contracts in sterling and yen is not compatible with the European Union's benchmark rules.
Libor, 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.
The European Securities and Markets Authority said Tuesday that the EU's Benchmark Regulation does not allow market participants with existing contracts in sterling and yen to continue using a version of the London Interbank Offered Rate until the end of 2022....
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