Fund managers slow to ditch LIBOR-linked benchmarks

Bank of England urges users to 'accelerate' transition

Mike Sheen
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The Bank of England warned the continued reliance of global financial markets on LIBOR is a threat to financial stability
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The Bank of England warned the continued reliance of global financial markets on LIBOR is a threat to financial stability

Asset managers are only just beginning to take action to replace LIBOR-linked benchmarks on their fund products after repeated warnings from regulators and market participants about the risk posed by continued exposure to the crisis-hit rate, which will cease to exist in 2021.

The London Interbank Offered Rate (LIBOR) is currently the world's most widely-used reference rate, providing a benchmark for about $350trn worth of financial products, according to legal firm Ashurst....

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