Industry unmoved by death of minor-currency Libor

money-2

Libor rates in five currencies will disappear following the UK government's decision last week to accept the recommendations of the Wheatley Review in full, but the industry's method for replacing a discontinued reference rate is flawed, lawyers warn. But participants say few – if any – trades exist that use the soon-to-be-extinct Libor rates.

The review, published on September 28 and headed by Martin Wheatley, chief executive-designate of the Financial Conduct Authority, was triggered by

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