June 5, 2019 / 8:02 AM / 4 months ago

Bank of England tells markets it's "last orders" for Libor

LONDON, June 5 (Reuters) - The Bank of England will step up supervision of lenders and markets to ensure a smooth transition from Libor to an alternative interest rate benchmark by the end of 2021, its deputy governor Dave Ramsden said on Wednesday.

Banks and markets should stop adding new exposures to Libor that go beyond 2021, Ramsden said in a speech in London, because it was “last orders” for the benchmark that banks were fined billions of pounds for trying to rig.

Reporting by Huw Jones; editing by John Stonestreet

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