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13 June 2024
Tough legacy: is the Financial Services Bill the solution?
The threat to market stability from tough legacy contracts has been a concern since the FCA’s announcement on LIBOR cessation in 2017. Legislation has been passed in the EU and is being progressed in the US and UK to address the issue. This article investigates the extent to which the legislation proposed in the Financial Service Bill might assist.
The Financial Conduct Authority (FCA) has confirmed1 that all LIBOR settings will either cease or no longer be representative immediately after 31 December 2021 with the exception of certain US dollar tenors which will continue until 30 June 2023.
Regulators are advising that where LIBOR based contracts mature after the end of 2021 LIBOR should be replaced with a suitable alternative benchmark well in advance of the deadlines. However many contracts will prove difficult or impossible to...
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