BREAKING NEWS

UK watchdog sets deadline on Libor interest rate swaps

Text size Aa Aa

LONDON (Reuters) – Britain’s Financial Conduct Authority said on Thursday that it wants banks to stop offering Libor-based interest rate swap contracts from the first quarter of next year.

The FCA has said that compilation of the tarnished Libor interest rate benchmark is expected to cease at the end of 2021 and be replaced by Sonia, a rate compiled by the Bank of England.

“In sterling interest rate swap markets, we will be encouraging market makers to make Sonia the market convention from Q1 2020,” said Edwin Schooling-Latter, the FCA’s director of markets and wholesale policy.

(Reporting by Huw Jones)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.