Regulators urge big push to ditch Libor by end 2021 – ZAWYA

Regulators urge big push to ditch Libor by end 2021 – ZAWYA

Regulators urge big push to ditch Libor by end 2021 | ZAWYA MENA Edition HomeBusinessFinancial ServicesArticleRegulators urge big push to ditch Libor by end 2021 Without adequate preparation, ending Libor would have a "significant negative impact"    People walk through the Canary Wharf financial district of London, Britain, December 7, 2018. Image for illustrative purposes.LONDON- Global financial regulators set out recommendations on Thursday for coordinating and speeding up preparations to scrap Libor, an interest rate benchmark banks were fined billions of dollars for trying to rig.The Financial Stability Board (FSB), which coordinates financial rules for the Group of 20 Economies (G20), surveyed the readiness of countries, banks and companies for getting rid of the benchmark by the end of 2021. Libor is currently used for pricing credit cards, home loans, company loans and derivatives worth trillions of dollars.National regulators should issue public statements to promote awareness of that Libor is on its way out, help to create a formal roadmap for scrapping the rate, and promote industry wide coordination, the FSB said.The Financial Stability Board (FSB), which coordinates financial rules for the Group of 20 Economies (G20), surveyed the readiness of countries, banks and companies for getting rid of the