UK asset managers get stern warning about the end of Libor

Andrew Bailey, CEO of the UK Financial Conduct Authority, on Thursday, February 27 2020. Picture: BLOOMBERG/SIMON DAWSON

“If your firm has Libor exposures or dependencies, your transition activities should now be underway,” Nick Miller, the UK Financial Conduct Authority’s head of asset management supervision, said in a so-called “Dear CEO” letter to asset management bosses. British regulators want market participants to switch to a benchmark known as Sonia, an overnight interest rate compiled by the Bank of England.

The FCA said asset managers are users of swaps, an off-exchange traded derivative contract, on behalf of clients. Asset managers should now consider switching from Libor to Sonia-based swaps for new positions from March 2.

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