All legacy Libor contracts should be permitted to use synthetic rate, global funds group tells UK FCA
( June 17, 2021, 09:29 GMT | Official Statement) -- MLex Summary: All financial market participants should be permitted to take advantage of a synthetic London Interbank Offered Rate when the benchmark is phased out, a global group representing funds has told the UK Financial Conduct Authority in a letter. The only criterion the FCA should use in determining whether a contract can use the synthetic version of Libor is whether that contract references the benchmark on the date it becomes representative and there are no alternative rates, the Investment Company Institute said in its response to the FCA’s consultation.Response attached....
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