Now is a ‘critical time’ for Ibor transitions – Bailey

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The Libor endgame “isn’t just going to happen”, says Andrew Bailey

Even though the “endgame” for the transition to new benchmark rates is several years away, now is a “critical time”, the UK’s Andrew Bailey told a gathering of regulators and market players in Washington, DC, on April 10.

The endgame, in which markets must coalesce around a new risk-free rate, “isn’t just going to happen”, the Financial Conduct Authority chief said. This is a “critical point in time”, he added.

Bailey stressed regulators have made significant progress in finding alternatives

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