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UK watchdog tells markets to prepare for Libor's demise

LONDON, Oct 7 (Reuters) - Markets need to ready themselves for regulatory announcements that the Libor interest rate benchmark will cease at the end of 2021, Britain’s Financial Conduct Authority said on Wednesday.

“Market participants need to be ready for announcements later this year setting out what will happen at the end of 2021,” the FCA’s director of markets, Edwin Schooling Latter, told an online event.

“The scenario that you need to be ready for is that those are announcements of cessation.”

Reporting by Huw Jones; Editing by Alison Williams

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