| UPDATED: 11:36, Fri, Mar 5, 2021
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Earlier this month, Bank of England Governor Andrew Bailey warned the EU against mounting a raid on the City of London, saying the Old Lady will “resist very firmly” any attempt by Brussels to force financial trading worth trillions of pounds to relocate after Brexit. Amid mounting speculation that EU officials could force more financial business moves within its borders, Mr Bailey said steps forcing the relocation of euro derivatives, otherwise known as financial instruments, would
<div class="at-above-post addthis tool" data-url="https://www.metro.us/britain-starts-countdown-on/"></div>LONDON (Reuters) – Britain’s financial regulators on Friday called a formal halt to nearly all Libor rates from the end of this year, as expected, piling pressure on markets to speed the switch in interest rates used in $260 trillion of contracts around the world. Libor, or London Interbank Offered Rate, is being replaced with […]<! AddThis Advanced Settings above via filter on get the excerpt ><! AddThis Advanced Settings below via filter on get the excerpt ><! AddThis Advanced Settings generic via filter on get the excerpt ><! AddThis Share Buttons above via filter on get the excerpt ><! AddThis Share Buttons below via filter on get the excerpt ><div class="at-below-post addthis tool" data-url="https://www.metro.us/britain-starts-countdown-on/"></div><!
FCA calls time on Libor rates by the end of 2021 pressandjournal.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandjournal.co.uk Daily Mail and Mail on Sunday newspapers.
By Kyle Brasseur2021-03-05T16:44:00+00:00
The U.K. Financial Conduct Authority (FCA) on Friday put the nail in the coffin of LIBOR, confirming the widely used benchmark interest rate will cease to be available in most forms at the end of this year.
The Dec. 31 expiration date for LIBOR, or the London Interbank Offered Rate, has been known for some time, as regulators in multiple countries have long advised registered firms to prepare for new reference rates. In July 2019, the Securities and Exchange Commission in the United States said the matter was becoming one of “urgency.”
“Today’s announcements mark the final chapter in the process that began in 2017, to remove reliance on unsustainable LIBOR rates and build a more robust foundation for the financial system,” said Bank of England Governor Andrew Bailey in a statement. “With limited time remaining, my message to firms is clear – act now and complete your transition by the end of 2021.”
GBP/USD has failed to overcome dollar strength as the Fed remains reluctant to intervene. US inflation, a vote on stimulus and UK GDP figures stand out