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FCA Chief Tells Banks To Speed Up Move Away From Libor

Law360, London (July 12, 2018, 1:02 PM BST) -- U.K. banks must speed up preparations to move away from Libor, the head of the Financial Conduct Authority said Thursday, as he warned firms to approach the scrapping of the key interest rate benchmark as something that will happen — and not a "black swan."

FCA Chief Executive Andrew Bailey said financial institutions will need to show the watchdog that they have plans in place to reduce their dependence on the London Interbank Offered Rate, which measures the rate at which banks can borrow funds in...
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