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​Banks likely to meet 2021 Libor deadline for new contracts but not legacy, UK FCA chief Bailey says

By Neil Roland ( April 11, 2019, 21:47 GMT | Insight) -- Andrew Bailey, head of the UK’s Financial Conduct Authority, expressed confidence that banks would meet a 2021 deadline for transitioning from Libor benchmarks to less risky market-based rates in new financial contracts. However, many current contracts with Libor rates will likely not be amended by then, said Bailey, who also is co-chair of the Financial Stability group coordinating the worldwide transition.Andrew Bailey, head of the UK’s Financial Conduct Authority, expressed confidence that banks would meet a 2021 deadline for transitioning from Libor benchmarks to less risky market-based rates in new financial contracts....

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