Standards Setter Publishes Timetable For Libor Exit
Law360, London (October 16, 2020, 5:14 PM BST) -- The Financial Stability Board on Friday outlined a timetable for a smooth transition by financial market participants from the scandal-ridden London Interbank Offered Rate, saying the move will require "significant commitment" by industry.
The Libor benchmark interest rate used in global markets is not guaranteed to be available after the end of 2021 and the financial sector should be preparing to reduce reliance on the rate well in advance, said the international body, which monitors and sets standards for the global financial system.
The FSB observed that Libor is still widely used as a benchmark in U.S. dollar, pound sterling and...
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