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Following the recommendations of the Wheatley Review of LIBOR, the British Bankers’ Association (BBA) has issued a consultation on how the initial changes will be implemented.
The review created a ten point plan for LIBOR reform. These recommendations will be considered by the government and if approved will be taken forward as part of the new Financial Services Bill.
The BBA’s consultation outlines the proposed timescale for a phased discontinuation of certain LIBOR currencies and maturities in line with the sixth recommendation of the Wheatley Review.
The sixth recommendation of the Wheatley Review stated that; “The BBA should cease the compilation and publication of LIBOR for those currencies and tenors for which there is insufficient trade data to corroborate submissions, immediately engaging in consultation with users and submitters to plan and implement a phased removal of these rates.”