FCA: ‘We can be Libor fallback trigger’

Amid fears of hedging mayhem, Schooling Latter says FCA verdict could be trigger for smoother rates switch

FCA is "clear on the consequent responsibilities we would have" if its verdicts were used as fallback triggers
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The UK markets regulator today outlined the role it would play in the last days of Libor, in a speech that could help a shared form of legal protection emerge – and potentially avert hedging chaos.

Edwin Schooling Latter, director of markets and wholesale policy at the Financial Conduct Authority, said the FCA will determine whether the benchmark is still representative of underlying funding markets whenever a contributing bank exits – as they will be free to do from the end of 2021. A negative

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