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International Monetary Fund. Monetary and Capital Markets Department
There has been a very smooth post-Brexit transition, with no material disruption nor any crystalized financial stability risks. This was the result of the U.K. authorities’ (and in some cases the EU authorities) and firms’ extensive preparations. The U.K. authorities have been proactively engaging with the industry, monitored risks, and consistently provided necessary legal certainty in a timely manner. This approach should continue, to the extent that any risks and uncertainties from Brexit remain.
International Monetary Fund. Monetary and Capital Markets Department

of U.K. Banks BOXES 1. Preliminary Reports on Relocation to the EU 2. Overview of Cross-border Regulation Tools 3. Passporting and Integrated Services 4. A Digital Pound Sterling? FIGURES 1. Change in EUR IRS Market Share 2. Topology of Libor vs Risk Free Rate Based Exposures in the United Kingdom 3. Libor Transition Strategy 4. The Working Group on Sterling Risk-Free Reference Rates 5. Indicators of Transition Progress in Sterling Markets 6. Flow of Information Across the Economy TABLES 1. List of Key Recommendations 2. Selected* Post

International Monetary Fund. Monetary and Capital Markets Department

with remaining legacy instruments that could not be easily transitioned or amended to include robust fallbacks. Figure 3. United Kingdom: LIBOR Transition Strategy Sources: U.K. authorities and IMF staff. 99. Stabilizing LIBOR was an important initial focus to prevent disruption from a disorderly cessation . The initial focus, in 2017, was to reduce risks of disruption to markets in the event a significant number of LIBOR panel banks decided to cease contributing the quotations required in its calculation. This was a significant risk given that the