EU Says UK Libor Legacy Fix Not Compatible With Bloc's Law

By Najiyya Budaly (November 17, 2021, 2:46 PM GMT) -- Europe's markets watchdog has warned that the U.K.'s plans to publish a "synthetic" version of the Libor interest-rate benchmark for legacy contracts in sterling and yen is not compatible with the European Union's benchmark rules.

Libor, which underpins trillions of dollars of contracts, is being dropped at the end of 2021 after it was the subject of a widespread market manipulation scandal.

The European Securities and Markets Authority said Tuesday that the EU's Benchmark Regulation does not allow market participants with existing contracts in sterling and yen to continue using a version of the London Interbank Offered Rate until the end of 2022....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!