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Ask us first before swapping Libor with ‘risk-laden’ rate, says UK watchdog Banks should ask the Financial Conduct Authority before using “credit sensitive rates” for replacing Libor, the tarnished benchmark which is being scrapped in December, the watchdog said on Monday. The London Interbank Offered Rate or Libor is being ditched after banks were fined for trying to manipulate the rate for pricing mortgages, loans and derivatives worth trillions of dollars across several currencies globally. Most contracts are being switched to “risk-free” overnight rates compiled by central banks, such as Sofr from the U.S. Federal Reserve and Sonia at the Bank of England.

United statesUnited kingdomHuw jonesKirsten donovanAlison williamsFinancial conduct authorityLondon interbank offered rateUnited kingdom basedSchooling latterUnited kingdom financeஒன்றுபட்டது மாநிலங்களில்ஒன்றுபட்டது கிஂக்டம்ஹ ஜோன்ஸ்கர்ஸ்டந் டொநொவந்அலிசன் வில்லியம்ஸ்நிதி நடத்தை அதிகாரம்