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Financial institutions have made good progress in moving away from Libor before the year-end deadline, Bank of England Governor Andrew Bailey said Tuesday, but warned against the use of easy substitutes which have some of the interbank rate index's flaws.
While over 97% sterling interest rate derivatives have a robust safety net, Bailey said he was concerned the good work being done would be undermined by those "substituting Libor for credit sensitive rates that do not address all of its fundamental weaknesses." The BOE favours deep SONIA markets for reference rates.