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ARTICLE · 20 APRIL 2023

UK's FCA Decision On Synthetic US Dollar LIBOR

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Based on feedback to its Consultation of November 2022 on ‘synthetic' US dollar LIBOR, the United Kingdom's Financial Conduct Authority (the "FCA") announced on 3 April 2023...

United KingdomFinance and Banking
James Taylor
James Taylor
Peter Pears
Peter Pears
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Based on feedback to its Consultation of November 2022 on 'synthetic' US dollar LIBOR, the United Kingdom's Financial Conduct Authority (the "FCA") announced on 3 April 2023 (the "FCA LIBOR Announcement") its decision to 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 (the date on which US dollar LIBOR will cease to be published by the IBA on a "representative" basis), using an unrepresentative 'synthetic' methodology for the calculation of US dollar LIBOR ("Synthetic USD LIBOR").

The FCA LIBOR Announcement also confirms that the end of Synthetic sterling LIBOR is nigh, with the last synthetic Sterling LIBOR setting (the 3-month synthetic Sterling LIBOR setting) expected to cease to be published at the end of March 2024.

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