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ARTICLE · 29 NOVEMBER 2022

FCA Announcements On Synthetic Sterling And USD LIBOR

Norton Rose Fulbright
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The UK's FCA has already announced its decision to allow 1‑ and 6‑month sterling LIBOR to cease at end‑March 2023 and on 23 November 2022 they have announced that 3‑month sterling LIBOR...

United KingdomFinance and Banking
Davide Barzilai
Davide Barzilai

The UK's FCA has already announced its decision to allow 1- and 6-month sterling LIBOR to cease at end-March 2023 and on 23 November 2022 they have announced that 3-month sterling LIBOR will continue to be published (as a non-representative rate) until end-March 2024, after which it will also cease permanently. It's not surprising to hear that there will be no more synthetic sterling LIBOR after end of March 2024, the market was expecting it - it should give enough time for those last stragglers to get amended (floating rate notes being the largest pool of legacy instruments to be affected by this).

For US dollars, the FCA has concluded that there is a case for requiring publication of the 1-, 3- and 6-month synthetic US dollar LIBOR settings for a short period of time until end-September 2024. That means overnight and 12-month US dollar LIBOR will cease from end of June 2023.

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