The Bank of England and the Financial Conduct Authority (FCA) has released a set of deadlines for firms to phase out the London Interbank Offered Rate (Libor) benchmark interest rate. The Bank of England says “the time to act is now” Both authorities have written in a notice that firms should be prepared to switch from Libor to the Sterling Overnight Index Average (Sonia) in Q1 2020, with a formal deadline identified at 2 March 2020. According to the regulators, the market for Sonia – the heir presumptive to the discredited Libor – is already well established, with Sonia swaps…
UK regulators fire Libor warning shots as deadlines loom
UK regulators fire Libor warning shots as deadlines loom
