Event date: 5 June 2019
Venue: Bank of England, London
Due to increasing concern about the future sustainability of LIBOR benchmarks and uncertainty about the legal position of such contracts if LIBOR became unavailable, the FCA and contributor banks have worked to secure voluntary panel bank support to sustain LIBOR until the end of 2021. The UK authorities and market participants have been working jointly on a successful market-led transition away from GBP LIBOR to alternative risk free reference rates.
The Bank of England, Financial Conduct Authority and the Working Group on Sterling Risk Free Reference Rates jointly held a conference on work underway to transition from LIBOR to alternative risk-free interest rates . The aim of the conference was to bring together senior policymakers, market participants and other stakeholders who rely on LIBOR to discuss progress that has been made by the Sterling market in adopting alternative interest rates, to assess the remaining challenges in adopting SONIA, setting out the agenda for the Working Groups on Sterling Risk Free Reference Rates, and to share thematic feedback from the Dear CEO exercise.
Keynote speakers included:
- Dave Ramsden, Director for Markets and Banking (Bank of England)
- Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority (Financial Conduct Authority)
- Tushar Morzaria, Chair of the Working Group on Sterling Risk Free Reference Rates (Barclays)
Event material is available to view here: