UK:
LIBOR Benchmark Confirmed Until 2021
13 December 2017
Shearman & Sterling LLP
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On November 24, 2017, the FCA confirmed that the 20 panel banks
for the LIBOR benchmark have agreed to support LIBOR until at least
2021. The announcement follows the statement by the FCA's Chief
Executive, Andrew Bailey, earlier this year that the future of
LIBOR could not be guaranteed because the underlying markets (the
markets for unsecured wholesale term lending to banks) are no
longer sufficiently active. Work around moving from LIBOR to
alternative reference rates is underway. For example, the Bank of
England announced in October this year that the implementation date
for the reformed Sterling Overnight Index Average Interest Rate
Benchmark, known as SONIA, would be April 18, 2018. The BoE took
over as administrator of SONIA on April 25, 2018.
The FCA's statement is available at: https://www.fca.org.uk/news/statements/fca-statement-libor-panels
and Andrew Bailey's speech is available at: https://www.fca.org.uk/news/speeches/the-future-of-libor.
The content of this article is intended to provide a general
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