Industry unmoved by death of minor-currency Libor
The Wheatley Review calls for an end to Libor quoting in five currencies, but the number of trades affected is small – a good thing, because the available solutions are flawed, say market participants
Libor rates in five currencies will disappear following the UK government's decision this 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. Luckily, 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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