The Financial Conduct Authority announced this morning a formal end to nearly all Libor rates at the end of this year, putting pressure on markets to complete their biggest change in decades.
The so-called London Interbank Offered Rate, or Libor, will be replaced by rates compiled by central banks.
The change comes after financial institutions were fined billions of pounds for trying to rig the rates that were used for home loans and credit cards in the UK and across the world.
“This is an important step towards the end of Libor, and the Bank of England and FCA urge market participants to continue to take the necessary action to ensure they are ready,” the FCA said in a statement.
All sterling, euro, Swiss franc and Japanese yen denominations of Libor will end on 31 December, the FCA said.