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ARTICLE · 09 MARCH 2021

IBA Sets LIBOR Publication Cessation Dates And Triggers A LIBOR Transition Event

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On 5 March 2021, ICE Benchmark Administration ("IBA"), the administrator of LIBOR, released the much anticipated feedback statement ("Cessation Statement") reporting the results of its...

GlobalFinance and Banking
Mary Jo N. Miller
Mary Jo N. Miller
David Duffee
David Duffee
J. Paul Forrester
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On 5 March 2021, ICE Benchmark Administration (“IBA”), the administrator of LIBOR,  released the much anticipated  feedback statement (“Cessation Statement”) reporting the results of its 4 December 2020  Consultation on Potential Cessation. IBA consulted on the issue of LIBOR publication cessation because “a majority of LIBOR panel banks had communicated to IBA that they would not be willing to continue contributing to the relevant LIBOR settings after [the proposed cessation] dates.” Pursuant to the Cessation Statement, IBA intends to cease publication of (i) all GBP, EUR, CHF and JPY LIBOR settings, and the 1 Week and 2 Month USD LIBOR settings immediately following the LIBOR publication on 31 December 2021, and (ii) the Overnight and 1, 3, 6 and 12 Month USD LIBOR settings immediately following the LIBOR publication on 30 June 2023, subject to any rights of the UK Financial Conduct Authority (“FCA”), the regulatory supervisor of IBA, to compel IBA to continue

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