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Bank of England confirms end of LIBOR settings
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According to BoE, all 35 LIBOR settings are now «permanently ceased». Transitioning away from LIBOR has made financial markets «safer, more stable and fit for modern use», the BoE said, following the removal of the ‘risk-free rates' (RFRs). The removal process included the introduction of synthetic LIBOR, a «temporary bridge» to give firms time to move outstanding legacy LIBOR-linked contracts towards alternative RFRs. Over a decade in the works, the BoE said the transition from LIBOR has been a «complex international cross-industry effort» encompassing market participants, trade bodi...
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