Aussie Regulators Urge Firms to Accelerate Switch from LIBOR
Aussie Regulators Urge Firms to Accelerate Switch from LIBOR
Most of the LIBOR benchmarks will cease to exist by the end of this year.
Arnab Shome
2021-06-04T07:32:44+00:00
2021-06-04T08:24:59+00:00 Photo: FM
Multiple Australian regulators have requested market participants to make a transition away from their legacy contracts with the London Interbank Offered Rate (LIBOR). In addition, they want the financial institutions to cease the use of the controversial benchmark in new contracts by the end of 2021.
The guidelines came from three Aussie watchdogs: the Australian Securities and Exchange Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA).
<p><span>Regulators in Australia are reiterating the importance of ensuring a timely transition away from the London Interbank Offered Rate (LIBOR). This requires ceasing the use of LIBOR in new contracts before the end of 2021.</span></p>
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