Libor will formally cease by the end of the year for most currencies, UK regulators said on Friday, a step that will raise the pressure on banks and assets managers to
The Financial Conduct Authority, which oversees the global benchmarks, said publication of Libor would cease at the end of 2020 for sterling, euro, Swiss franc and Japanese yen, and for one-week and two-month US dollar settings. will smooth the transition away from the tainted lending benchmark.
The industry has until June 2023 to extricate itself from $200tn of US dollar contracts tied to the benchmark, the FCA confirmed. The decision follows an industry consultation in December led by ICE Benchmark Administration, which compiles and oversees the daily rate.
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