Following Andrew Bailey's speech in July 2017 that the UK Financial Conduct Authority (FCA) would, from the end of 2021, no longer be persuading or compelling banks to submit quotes to LIBOR (the London Interbank Offered Rate) and that market participants should therefore not rely on LIBOR being available after that date, the FCA expects firms to be taking appropriate steps to ensure they can transition to alternative risk-free reference rates (RFRs) before this.

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