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UK watchdog says Libor 'end game' may be uncertain

UK watchdog says Libor 'end game' may be uncertain
FILE PHOTO: The Canary Wharf financial district is seen in east London November 12, 2014.REUTERS/Suzanne Plunkett   -   Copyright  Suzanne Plunkett(Reuters)
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LONDON (Reuters) – The “end-game” for the Libor interest rate benchmark will be uncertain and regulators will seek to give markets notice when they no longer believe the rate is reliable, a senior UK markets watchdog official said on Monday.

“There is now wide recognition that Libor will come to an end,” said Edwin Schooling-Latter, director of markets and wholesale policy at the Financial Conduct Authority. Banks have been fined millions of dollars for trying to rig the benchmark, which is being replaced in Britain by the Bank of England’s Sonia overnight rate.

(Reporting by Huw Jones; Editing by Toby Chopra)

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