LIBOR working group appoints new chair as it amends objectives post-transition

£13trn contracts converted

James Baxter-Derrington
clock • 3 min read
Synthetic LIBOR remains, but the FCA reasserted that its availability is “not guaranteed” beyond the end of 2022 and is subject to annual review.
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Synthetic LIBOR remains, but the FCA reasserted that its availability is “not guaranteed” beyond the end of 2022 and is subject to annual review.

The working group on sterling risk-free reference rates has appointed a new chair, due to start on 1 March 2022, and will amend its objectives in order to further support the transition away from LIBOR.

It was set up to "catalyse a broad-based transition to SONIA across sterling derivative, loan and bond markets" and has now concluded that it has met its objective and will continue to operate in "an amended form and with new objectives". Synthetic LIBOR confirmation a 'welcome relief' Group finance director at Barclays Tushar Morzaria steps down from his role as chair and will be replaced by Sarah Boyce, Association of Corporate Treasurers, who will lead the group in its next phase. Morzaria said it had been "an honour and a pleasure" to chair the working group through the LIBOR t...

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