UK regulators are said to be considering the impact of the coronavirus outbreak on the London Interbank Offered Rate (LIBOR) transition deadline of end of 2021, according to reports.
Bloomberg reported that the Financial Conduct Authority (FCA), the Bank of England and the Risk Free Rate Working Group "are assessing the likely impacts of coronavirus on transition progress to meet that deadline". The reference rate, which is used as a benchmark for around $350trn worth of financial products, will cease to exist after the end of 2021, but the FCA has said firms "must transition to alternative rates before this date". FCA warns assets managers: 'Act now' on LIBOR International Swaps and Derivatives Association chief executive Scott O'Malia said in an update publis...
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