Bank of England: 'No justification' for increasing LIBOR exposure

Level of exposure poses risk to financial stability

Mike Sheen
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BoE: "The pace of market participants’ transition efforts now needs to accelerate."
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BoE: "The pace of market participants’ transition efforts now needs to accelerate."

The continued reliance of global financial markets on LIBOR is a threat to financial stability and market participants must now "accelerate" their transition preparation, the Bank of England (BoE) has warned.

In its most recent Financial Stability Report, the central bank said "there is no justification" for firms increasing their exposures to the benchmark and its Financial Policy Committee "will monitor [transition]...

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