In a speech last week at Bloomberg, London, Andrew Bailey, Chief Executive of the UK Financial Conduct Authority indicated that the regulator will cease supporting the London Interbank Offer Rate benchmark at the end of 2021. By that time, said Mr. Bailey, FCA intends not to “persuade, or compel, banks to submit to LIBOR.” According to Mr. Bailey, LIBOR is no longer sustainable because “the underlying market that LIBOR seeks to measure – the market for unsecured wholesale term lending to banks – is no longer sufficiently active.” Mr. Bailey says that to address legacy contracts that reference LIBOR, it will have to be decided whether it is better to amend such contracts or amend the definition of LIBOR. FCA has regulated LIBOR since 2013.