UK regulator rules out extending Libor deadline
Despite Covid disorder, FCA will not compel banks to submit Libor quotes after 2021
Libor’s regulator will not compel panel banks to contribute to the discredited rate beyond the end of 2021, despite growing concern that the transition to alternative risk-free rates could be derailed as banks and their clients deal with the economic fallout of the Covid-19 pandemic.
“There’s no change in the position we’ve taken previously on compelling panel bank participation,” Edwin Schooling Latter, director of markets and wholesale policy at the Financial Conduct Authority, tells Risk.net
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