As reported by Bloomberg, the Financial Conduct Authority (FCA) took a step that should help alleviate concerns about the medium term viability of the London interbank rate (LIBOR). The U.K. financial services regulator last Friday confirmed that all 20 banks that participate in LIBOR rate setting have agreed to support the rate through 2021 and will work towards developing an alternative benchmark. The FCA has been working with the banks to finalize an agreement for them to remain on the panels they currently submit to until the end of 2021, it said in a statement.
Become a Member
Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.