Trading

Bigger than Brexit: Libor replacement creates new headaches

As regulators urge the industry to use a different benchmark from 2021, questions remain over how trillions in contracts will be affected

Andrew Bailey, Financial Conduct Authority
Andrew Bailey, Financial Conduct Authority Photo: Getty Images

Whisper it quietly, but for a large section of the UK financial services sector there is an operational challenge looming that is greater than Brexit.

It comes in the form of a benchmark used to price more than $350tn of financial products around the world.

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