© Reuters. FILE PHOTO: Signage for Britain’s Financial Conduct Authority (FCA) regulator is seen at its head office in London, Britain, March 10, 2022. REUTERS/Toby Melville
LONDON (Reuters) – The financial sector should not bet on remaining deadlines changing for the phasing out of the use of Libor interest rates, Britain’s Financial Conduct Authority said on Wednesday.
Helen Boyd, head of markets policy at the FCA, said the market has “categorically proven” it can ditch the London Interbank Offered Rate or Libor, a widely used rate tarnished after banks tried to rig it.
“Don’t expect the deadlines to change,” Boyd told an event held by the derivatives industry body ISDA.
Get cracking with phasing our remaining Libor, UK watchdog says