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ARTICLE · 15 MARCH 2021

The End Of LIBOR

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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On March 5, 2021, the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and International Swaps and Derivatives Association (ISDA) made important announcements regarding the...

United StatesFinance and Banking
Ann Kalodis
Ann Kalodis
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On March 5, 2021, the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and International Swaps and Derivatives Association (ISDA) made important announcements regarding the timelines of the cessations of the London Interbank Offered Rate (LIBOR).

LIBOR cessation dates

The IBA, which administers LIBOR, confirmed in its feedback statement on its consultation regarding the cessation of its publication of LIBOR that the majority of LIBOR panel banks would not be willing to contribute to LIBOR in the future and announced that it will cease publishing the LIBOR rates described below, as these settings will no longer be representative of market conditions.

Following the statement by the IBA, the FCA confirmed that all LIBOR benchmark settings will either cease to be provided by any administrator or no longer be representative of market conditions. Specifically, the LIBOR settings included in the table below will cease to be provided by any

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