Libor to become third-country benchmark under no-deal Brexit

UK-based reference rate would need to gain EU approval by end-2019 to avoid “unthinkable” disruption

Time will be tight for UK benchmark providers to gain EU acceptance

Libor would lose its authorised benchmark status in the European Union in a no-deal Brexit scenario, leaving nine months for the reference rate’s administrator to reapply as a third-country provider. That scenario comes with “unthinkable” risks, lawyers have warned - albeit remote ones.

“[If there’s not a deal] then the market is faced with the prospect at the end of March next year of UK-based benchmark administrators who are on the EU’s benchmark register suddenly having that authorisation

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