Could LIBOR legally be a synthetic? The FCA says it’s time to take a close look

The UK Financial Conduct Authority’s (FCA) Andrew Bailey has suggested that some version of an interest rate benchmark be legally considered LIBOR after 2021 for the purpose of legacy contracts, even if it isn’t run by the LIBOR administrator. This is a competing plan to the LIBOR administrator’s own interest in reform. How can the market move forward while keeping the LIBOR language intact in legal agreements?
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