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Libor’s last vestige to fade away as UK phases it out in sterling

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The Financial Conduct Authority is planning to end its support for the last vestige of Libor left in the sterling market.Since Libor was deemed “non-representative” at the end of 2021, the FCA has allowed the publishing of a synthetic Libor rate in one, three and six month tenors.

This was a temporary solution to allow for firms with tough legacy contracts to repaper to reference replacement rates such as Sonia.

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