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ARTICLE · 05 JULY 2023

End Of The Road For LIBOR

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Today, Friday 30 June 2023, is a momentous day in financial markets, being the last day on which rates based on the London Interbank Offered Rates (LIBORs) will be published.

United KingdomFinance and Banking
Robyn Llewellyn
Robyn Llewellyn
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Today, Friday 30 June 2023, is a momentous day in financial markets, being the last day on which rates based on the London Interbank Offered Rates (LIBORs) will be published. LIBOR is a key reference rate that has underpinned hundreds of trillions of dollars of assets over the last five decades.

Leaving its legacy

The title of this post is somewhat misleading as LIBOR will continue to be referenced in "tough legacy" contracts, contracts which cannot be amended for various reasons to remove references to LIBOR. However, there are several contractual and legislative mechanisms in place to remedy the absence of LIBOR in these contexts, including: synthetic USD LIBOR, the US Adjustable Interest Rate (LIBOR) Act and the ISDA IBOR Fallbacks Protocol/Definitions.

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