LONDON, March 5 – Britain’s Financial Conduct Authority on Friday called a formal end to nearly all Libor rates on December 31 as anticipated, piling pressure on markets to complete their biggest change in decades.
The London Interbank Offered Rate or Libor is being replaced by rates compiled by central banks after lenders were fined billions of dollars for trying to rig what was once dubbed the world’s most important number, used for pricing home loans and credit cards across the world.
“This is an important step towards the end of Libor, and the Bank of England and FCA urge market participants to continue to take the necessary action to ensure they are ready,” the FCA said in a statement.
All sterling, euro, Swiss franc and Japanese yen denominations of Libor will end on Dec. 31, the FCA said. As previously announced by the U.S. Federal Reserve, some dollar denominated versions will continue until mid 2023