FCA Says Libor Is Ending in 2021

The video discusses the challenges and transition from the Libor benchmark, which was reset post-crisis with the expectation of a re-emerging bank funding market. However, this market did not materialize, leading to a reliance on expert judgment. The video highlights the need for a transition to new interest rate benchmarks that reflect true market transactions. It also covers the scrutiny and governance of submitters and the international efforts led by authorities like the Federal Reserve and the Bank of England to ensure a smooth transition.

How are the replacements for Libor being developed according to the text?

What role does expert judgment play in the current Libor system?