The UK Financial Conduct Authority (FCA) has set a 31 December 2021 deadline as the date banks on the LIBOR panel will no longer be compelled to quote LIBOR benchmark prices. The London Interbank Offered Rate (LIBOR) is calculated from market trades and “expert opinions” via submission from a panel of banks intended to reflect the unsecured rates they will borrow and lend to each other. Many investment funds purchase and hold securities linked to LIBOR that contribute to the fund valuation and returns.
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