FCA could kill off Libor, says Bailey

Warning breaks new ground, provoking 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

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