The U.K. financial services regulator confirmed all 20 banks have agreed to support the London interbank offered rate until 2021 and will work towards developing an alternative benchmark.
The Financial Conduct Authority has been working with the banks to finalize an agreement for them to remain on the panels they currently submit to until the end of 2021, it said in a statement Friday.
The regulator decided to phase out the key interest-rate indicator by the end of 2021 after it became clear there wasn't enough meaningful data to sustain the benchmark that underpins more than $350 trillion in securities, Andrew Bailey, the head of the regulator, said in a speech in July.
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