Signing the LIBOR fallback protocol: my cautionary tale was heard by BoE

I'm glad to read that my call for "caution about Signing the LIBOR fallback protocol" have been heard by the Bank of England. 

And if you determine the protocol is not the right approach for your particular circumstances, you will need to make clear alternative plans to mitigate the risks.
Andrew Hauser, Executive Director for Markets
09 December 2020

Note that the emphasis/bold on "not" in the above sentence is not mine but from the BoE website

This message has to be compared to a message from a couple of months ago.

So, I hope the message on the importance of signing this protocol is clear.
Edwin Schooling Latter, Director of Markets and Wholesale Policy
14 July 2020

BoE and FCA are slowly coming to a message closer to mine: Something should be done. The protocol is one possible choice but not the unique one. You should analyze your particular circumstances before signing.

On my side, I would add: There is no urgency in signing the protocol.

We have seen over the last years the FCA/BoE completely changing opinion on the necessity to sustain the benchmark through our influence or legal powers (see Has Andrew bailey been lying all along?). Hopefully for the market, they will slowly come to reason and change their opinion on the protocol also.

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