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ARTICLE · 08 MARCH 2021

Losing LIBOR: LIBOR Receives Official End Date

Taft, Stettinius & Hollister LLP
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The Financial Conduct Authority (FCA) announced today that LIBOR will officially no longer be published by ICE Benchmark Administration (IBA) or regulated by the FCA.

United StatesFinance and Banking
Ronald Johnson, Jr.
Ronald Johnson, Jr.
Allison Smith Newsome
Allison Smith Newsome
Kiamesha-Sylvia G. Colom
Kiamesha-Sylvia G. Colom
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Important Takeaways

The Financial Conduct Authority (FCA) announced today that LIBOR will officially no longer be published by ICE Benchmark Administration (IBA) or regulated by the FCA. The timing of LIBOR cessation is as follows:

  1. Immediately after Dec. 31, 2021, in the case of all sterling, euro, Swiss franc, and Japanese yen settings, and the one-week and two-month U.S. dollar (USD) settings; and
  2. Immediately after June 30, 2023, in the case of the remaining USD settings.

Today's announcement also substantiates the prior thought that most USD LIBOR tenors will continue past year-end 2021 for legacy contracts. However, U.S. banking regulators previously stated that LIBOR may not be used on originating loans after Dec. 31, 2021. Furthermore, the International Swap and Derivatives Association (ISDA) published spread adjustments by Bloomberg today.

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