Industry unmoved by death of minor-currency Libor
Libor rates in five currencies will disappear following the UK government's decision last week to accept the recommendations of the Wheatley Review in full, but the industry's method for replacing a discontinued reference rate is flawed, lawyers warn. But participants say few – if any – trades exist that use the soon-to-be-extinct Libor rates.
The review, published on September 28 and headed by Martin Wheatley, chief executive-designate of the Financial Conduct Authority, was triggered by
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