FCA Speech: Are you ready for life without LIBOR from end-2021?
Industry News | 21/01/21
Speaker: Edwin Schooling Latter, Director of Markets and Wholesale Policy
Event: Risk.net LIBOR Summit, London
Delivered: 21 November 2019
• Key next steps in reducing the risks from continued use of the LIBOR benchmark include ending use of LIBOR in new sterling loans from Q3 2020, and making it standard to quote based on SONIA in sterling swap markets.
• The FCA’s Director of Markets and Wholesale Policy describes how LIBOR could cease or fail the Benchmarks Regulation ‘representativeness’ test at end-2021, and how robust contractual fall back triggers can protect market participants from risks in both scenarios.