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ARTICLE · 09 JUNE 2023

The End Of The Road For USD LIBOR?

Herbert Smith Freehills Kramer LLP
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The USD LIBOR panel ceases later this month, on 30 June 2023, marking a major milestone in the transition away from LIBOR to robust Risk-Free Reference Rates.

GlobalFinance and Banking
Rupert Lewis
Rupert Lewis
Nick May
Nick May
Ceri Morgan
Ceri Morgan
Marc Gottridge
Marc Gottridge
Lisa Fried
Lisa Fried

The USD LIBOR panel ceases later this month, on 30 June 2023, marking a major milestone in the transition away from LIBOR to robust Risk-Free Reference Rates.

However, this is not quite the end of the road for USD LIBOR. Publication of the 1-, 3- and 6-month USD LIBOR settings will continue under an unrepresentative "synthetic" methodology until end-September 2024 published by LIBOR's administrator, ICE Benchmark Administration Limited, following an announcement earlier this year by the FCA.

The FCA's decision offers a bridging solution for users of USD LIBOR, both within and outside the UK. It is intended to deal with the significant pool of outstanding legacy USD LIBOR contracts governed by UK or other non-US law, which have no realistic prospect of being amended to transition away from USD LIBOR by end-June 2023. Publication of synthetic USD LIBOR by ICE is intended to "flow through" to global users of existing LIBOR contracts continuing to reference the rate

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