FCA sees ‘no case for delay’ on Libor cessation ruling

Synthetic Libor powers set for spring consultation as fallbacks become effective and IBA analyses cessation feedback

FCA

Libor’s regulator told market participants there will be no delay in decisions over the fate of 35 currency and tenor pairs, after a “landmark” day in which a consultation on proposed Libor cessation dates closed and new fallback language was inserted into more than $20 trillion-equivalent of non-cleared legacy derivatives.

“We see no case for delaying decisions or announcement beyond the time necessary to properly assess the consultation responses that have now been received,” said Edwin

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