UK regulator makes 'final call' to switch off Libor

Markets participants have been given a month to stop using Libor, the scathed interest rate, fined for rigging, said the UK’s Financial Conduct Authority (FCA). The London Interbank Offered Rate (Libor) has been used to reflect the lending cost between banks by quoting panels of banks in 35 variants across five currencies. Most of them have already been scrapped, and remaining dollar quotes end on June 30. Market upheaval has raised concerns about pricing bank assets during, what is believed to be, the biggest markets switch in decades, substituting quotes with central bank-complied “risk-free” rates.

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