The European Commission proposed on Friday 24 July to amend EU rules on financial benchmarks to ensure that the discontinuation of a widely used benchmark does not undermine the financial stability of the EU.
In the short term, the aim is to prepare for the disappearance of LIBOR ('London Interbank Offered Rate'), an interbank reference rate on the London market that serves as the basis for indexing thousands of financial contracts. The UK's Financial Conduct Authority announced that it...