UK Regulators Tell Banks To Switch Out Libor By Mid-June

Law360, London (May 14, 2021, 2:50 PM BST) -- Britain's financial regulators have urged banks to write an alternative risk-free benchmark rate into contracts for exchange-traded derivatives from mid-June, as markets look to ditch scandal-hit Libor by the end of the year.

The Financial Conduct Authority and the Bank of England said that they are encouraging banks to reference the Sterling Overnight Index Average, known as Sonia, instead of the London Interbank Offered Rate from June 16. Market participants will be expected to meet the deadline for exchange-traded derivatives that expire after 2021.

"The FCA and the Bank of England support and encourage all participants in the sterling exchange traded...

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