BoE To Add Fallbacks To Existing Libor Contracts

Law360, London (October 26, 2020, 4:29 PM GMT) -- The Bank of England has signed up to the new protocol set out by the international standards-setting body to help lenders move away from the London Interbank Offered Rate, which has been beset by scandal.

The central bank said it has signed on to the International Swaps and Derivative Association's so-called fallback protocol, which the international body launched on Friday.

The measure instructs finance firms on how to amend existing contracts that refer to Libor as their benchmark and provides alternate interest rates that banks can switch to. Libor is being phased out of the market from 2021 after a high-profile...

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