FCA warns, don’t wait to move away from LIBOR

In a speech given on 15^th July at the Securities Industry and Financial Markets Association’s (SIFMA) LIBOR Transition Briefing in New York, Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA), urged firms to reduce their stock of “legacy” LIBOR contracts now and ensure they are able to run their business without LIBOR from the end of 2021 when they expect LIBOR panel banks to dwindle or disappear. Bailey emphasised that the base case assumption should be that there will be no LIBOR publication after the end of 2021.