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LIBOR death knell tolls compliance, accounting issues

Tammy Whitehouse | January 14, 2019

The slow death of a critical benchmark interest rate will produce a series of compliance headaches for companies stretching over the next few years.

Rocked by allegations of manipulation and fraud, the London InterBank Offered Rate, or LIBOR, is the benchmark interest rate underlying hundreds of trillions of dollars in various forms of variable debt throughout the global economy. The International Swaps and Derivatives Association says the total notional exposure across derivatives, bonds, loans, and other instruments is estimated at $370 trillion.

The Financial Conduct Authority, the U.K. regulator that oversees the maintenance of LIBOR, said it will no longer compel financial institutions to report...

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