Financial Stability

FCA grants another Libor reprieve to fend off potential market disruptions

By Justin Pugsley
BRR fallback image

Fears of potential market disruption have prompted the UK’s Financial Conduct Authority (FCA) to temporarily allow the use of ‘synthetic’ sterling and yen London interbank offered rates (Libor) for legacy contracts referencing the benchmark that are not changed before December 31. But this will not apply to cleared derivatives.

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