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EU financial benchmark law to tackle Libor contracts, but foreign indexes must wait

By Jack Schickler ( November 20, 2020, 13:15 GMT | Insight) -- EU financial benchmarks like the scandal-hit Libor can be automatically replaced in contracts under proposals agreed by lawmakers today — but the fate of index trackers from outside the bloc still hangs in the balance. Committee lawmakers voted 49-10 in favor of a report penned by Dutch liberal lawmaker Caroline Nagtegaal, but proposals to delay a bar on the trading of the FTSE100 or Hang Seng on EU stock exchanges will have to wait. EU financial benchmarks like the scandal-hit Libor can be automatically replaced in contracts under proposals agreed by lawmakers today — but the fate of index trackers from outside the bloc still hangs in the balance. ...

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