Markets must face up to new deadlines for Libor transition
Banks should stop issuing loans and bonds linked to Libor by October, according to the Bank of England’s Working Group on Sterling Risk-Free Reference Rates. But the scale of the challenge facing firms, particularly in the loan market, is causing concern.
On Thursday, the Bank of England (BoE), the UK’s Financial Conduct Authority (FCA), and the working group set out their priorities for the Libor transition this year. The BoE thinks companies need to speed up their efforts.Among the guidance are new deadlines. Market participants should stop issuing ...
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