FCA puts markets on alert as Bailey lays out plan for end of Libor
The end of Libor moved from committee group debate to hard reality on Thursday as the Financial Conduct Authority’s chief executive Andrew Bailey gave the reference rate a five year deadline for removal.
Panel banks that provide the pricing estimates which form Libor have agreed to continue submitting their judgements on the reference rate's levels until the end of 2021.
In five years outstanding Libor contracts will still be valid but no longer be able to rely on an FCA-mediated measure
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