FCA unfazed by ‘inflated’ sterling Libor swaps trading
Regulator says high volume of new Libor swaps traded since April 1 is linked to risk reduction
A senior UK regulator has dismissed concerns about the continued use of Libor in sterling derivatives markets, despite the fading benchmark underpinning nearly half of swaps notional traded since April 1, when participants were told to ditch the rate in all but risk-reducing trades.
Edwin Schooling Latter, director of markets and wholesale policy at the UK’s Financial Conduct Authority, said the “40-odd per cent” of sterling swaps trades linked to Libor since the Bank of England and FCA
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