FCA set to replace Libor by 2022
Regulator aims to transition towards a benchmark based on actual transactions
The UK’s Financial Conduct Authority (FCA) intends to replace the London Interbank Offered Rate (Libor) in 2022, as it wants to set a new benchmark “based on transactions, not on judgements”, FCA chief executive Andrew Bailey said on July 27.
The proposal echoes views expressed earlier this month by Bank of England (BoE) governor Mark Carney. Carney told industry representatives attending the BoE’s Roundtable on Sterling Risk-Free Reference Rates that a situation where “a judgement-based
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