UK Tells Banks To Switch Out Libor In Swaps Market By Sept.

Law360, London (July 21, 2021, 4:31 PM BST) -- Britain's financial regulators told banks on Wednesday to move away from referring to Libor in their cross-currency swaps within two months as markets move ahead with plans to ditch the tarnished interbank benchmark rate by the end of the year.

The Financial Conduct Authority and the Bank of England told finance companies in the securities market to start using risk-free reference rates — such as the Sterling Overnight Index Average, known as Sonia — in their cross-currency swaps by Sept. 21. Financial institutions in the securities market will be expected to ditch the London Interbank Offered Rate in new cross-currency derivative...

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