New pre-cessation poll likely as FCA quells zombie Libor fears

Minimal non-representative lifespan opens door for rerun of Isda trigger consultation


An industry-wide consensus on the inclusion of so-called pre-cessation triggers in swaps fallbacks could be a step closer after Libor’s regulator and administrator sought to eradicate fears that a non-representative, or ‘zombie’, version of the rate could limp on for years.

In a letter to the International Swaps and Derivatives Association, the UK’s Financial Conduct Authority states that market participants should not assume any period of non-representativeness stemming from panel bank

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