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ARTICLE · 13 JANUARY 2021

LIBOR Timing Update: US Banks Welcome Delay To LIBOR Switch

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ICE Benchmark Administration Proposes to Cease the Publication of Certain USD LIBOR Settings and US Regulators Encourage Banks to Stop Using LIBOR for New Contracts by December 31, 2021

United StatesFinance and Banking
Donna Parisi
Donna Parisi
Geoffrey Goldman
Geoffrey Goldman
Mark Chorazak
Mark Chorazak
Azam Aziz
Azam Aziz
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ICE Benchmark Administration Proposes to Cease the Publication of Certain USD LIBOR Settings and US Regulators Encourage Banks to Stop Using LIBOR for New Contracts by December 31, 2021

Introduction

On November 30, 2020, ICE Benchmark Administration (IBA) announced its intention to consult on ceasing publication of one-week and two-month USD LIBOR settings at the end of December 2021 and ceasing publication of the remaining overnight and one-, three-, six- and 12-month USD LIBOR settings at the end of June 2023.1 The U.K. Financial Conduct Authority (FCA) and multiple other official sector entities followed IBA's announcement with supportive statements and additional guidance.

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