In previous editions of the Finance Brief we have reported on the findings of the Wheatley Reivew. The conclusions of this Review have begun to be implemented and on 11 June 2013 the British Banking Association ("BBA") announced that the following two recommendations would be enacted:
- With effect from today (1 July 2013), the
publication of individual bank's submissions to LIBOR (for USD,
EUR, GBP, CHF and JPY) will be embargoed for 3 months. This means
that such individual bank submissions will no longer be available
on a daily basis: instead the rates will be released with a 3 month
delay. The daily publication of the final LIBOR rates however will
not be affected.
- The publication of "same day" EUR LIBOR rates for 1 week and 1 month will cease from 31 July 2013. (These 2 rates were supplemental to the "spot" EUR LIBOR rates for all seven LIBOR tenors, which will continue as usual).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
