FCA could get legal with USD Libor laggards
Incoming powers permit regulator to ban use of benchmarks with known cessation dates – but only for UK-supervised firms
Firms that continue to use US dollar Libor in new contracts after the end of this year could be placing themselves in legal jeopardy, a top UK regulator has warned.
While other Libor currencies will be killed off at the end of this year, US dollar Libor has been given a stay of execution until June 30, 2023. Despite that extension, authorities including the Federal Reserve have called on firms to stop trading new contracts on the doomed benchmark from the end of 2021, suggesting they could use
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