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110 bytes removed, 22:48, 12 December 2019
Regulators decided to phase out LIBOR as a benchmark by the end of 2021.<ref>{{cite web|url=|name=Pioneer of Financial Futures Now Brings You Libor Alternative—And Futures To Match|org=Barron's|date=August 7, 2019}}</ref>
The U.K. Financial Conduct Authority obtained voluntary agreement of panel banks to continue to submit to LIBOR until the end of 2021. The 's market-led Risk Free Rate Working Group recommended the Sterling Overnight Index Average rate (SONIA) as the preferred risk-free rate (RFR) to replace Sterling LIBOR. The FCA and the Bank of England supported support the transition to SONIA and alternative rates.<ref>{{cite web|url=https://|name=Conduct risk during LIBOR transition|org=Financial Conduct Authority|date=November 19, 2019}}</ref>
In the U.S., the Alternative Reference Rates Committee (ARRC), a group of private-market participants brought together by the Federal Reserve Board and the New York Federal Reserve are working together to help ensure a successful transition for the U.S. dollar LIBOR to the alternative Secured Overnight Financing Rate (SOFR). <ref>{{cite web|url=https://https://|name=Alternative Reference Rates Committee|org=New York Fed|date=December 6, 2019}}</ref>