On Friday, November 22, the UK FCA said moving away from Libor altogether is likely to be the best way of avoiding Libor risks. But that doesn’t mean banks will stop supplying the data to calculate the benchmark.

Regardless of where the interest-rate benchmark is going and the speculation suggesting it will continue to be used beyond its ‘sell by’ date, the most important safety belt for the manufacturer of products linked to Libor is ensuring that contracts that do rely on the benchmark have clear fallbacks that deal effectively with the transition. This is true across all markets, but is perhaps of particular systemic importance in the swaps market, given the sheer size of exposures. The I

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