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ARTICLE · 18 APRIL 2023

US Dollar LIBOR Given Expected Extension By The UK Financial Regulator

Arthur Cox
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Yesterday (3 April 2023), the Financial Conduct Authority announced that it would require LIBOR's administrator, ICE Benchmark Administration Limited IBA), to continue...

IrelandFinance and Banking
Fintan Clancy
Fintan Clancy
Phil Cody
Phil Cody
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Yesterday (3 April 2023), the Financial Conduct Authority announced that it would require LIBOR's administrator, ICE Benchmark Administration Limited (IBA), to continue the publication of the 1-, 3- and 6-month US dollar LIBOR settings for a short period after 30 June 2023, using an unrepresentative 'synthetic' methodology (Synthetic US dollar LIBOR).

The announcement was expected, and followed a consultation with the market. The FCA's intention is that Synthetic US dollar LIBOR will be published until 30 September 2024, and does not currently expect any extension beyond that date. ICA must calculate Synthetic US dollar LIBOR settings using the relevant CME Term SOFR Reference Rate plus the respective ISDA fixed spread adjustment.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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