July 4, 2019 / 8:39 AM / 19 days ago

UK tells markets to avoid risks from using Libor

LONDON, July 4 (Reuters) - The best way to avoid risks from the Libor benchmark is not to use it at all in financial contracts, a senior Financial Conduct Authority official said on Thursday.

Edwin Schooling Latter, director of markets and wholesale policy at the FCA, said the industry must treat its customers fairly by explaining all the risks of entering into Libor-based contracts that mature after 2021, after which there is no guarantee the interest rate benchmark still be reliable.

“We will be looking for confirmation that firms can do their business without a published Libor rate,” Schooling Latter told an event at Linklaters lawfirm. (Reporting by Huw Jones; Editing by Toby Chopra)

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