Synthetic Libor gets cautious approval as swaps fix

‘Tough legacy’ solution could mop up $2.7trn-equivalent of non-cleared sterling and yen derivatives

Synthetic-Libor-approval

Holders of non-cleared sterling and yen Libor derivatives who have not signed up to the fallback protocol devised by the International Swaps and Derivatives Association will be permitted to use a so-called synthetic Libor once panel banks step away at the end of this year, under new proposals published on September 29 by the UK regulator.

The Financial Conduct Authority has used its new powers to compel Ice Benchmark Administration (IBA) to publish one-, three- and six-month sterling and yen

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