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The group tasked with finding an alternative rate to sterling Libor is set to launch a public consultation on developing a term market for the new rate, says a senior official at the UK financial regulator.

The move is part of wider plans to develop a suite of risk-free rates to replace the Libor benchmark, which faces an uncertain future after 2021, when banks will no longer be compelled to submit rates to the administrator.

“There is a community of users that tell us they have economic or op