FCA could kill off Libor, says Bailey

Regulator breaks new ground, claiming it could shut benchmark down; remarks provoke immediate responses at CFTC meeting

Andrew Bailey
Andrew Bailey, FCA

Andrew Bailey, head of the UK Financial Conduct Authority, has warned firms using Libor that the regulator could put the beleaguered rate out of its misery if not enough banks provide quotes. It is the first time the FCA has claimed it could shut down the family of interest rate benchmarks, which are produced in the UK.

Speaking at a conference in London today (July 12), Bailey invoked the European Union’s Benchmarks Regulation, which requires that reference rates be representative of the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here