UK FCA announces LIBOR cessation dates
On March 5, the United Kingdom’s Financial Conduct Authority (FCA) announced the dates that all LIBOR settings will cease to be provided by any administrator and will no longer be representative. All sterling, euro, Swiss franc and Japanese yen settings, and one-week and two-month U.S. dollar settings will cease immediately after December 31, 2021, while all remaining U.S. dollar settings will cease immediately after June 30, 2023. Following these dates, representative LIBOR rates will be unavailable and publication of most LIBOR settings will immediately end. The FCA stated it does not expect that any LIBOR settings will become unrepresentative prior to the aforementioned dates, noting that the announcement is intended to “provide certainty on when the LIBOR panels will end. Publication of most of the LIBOR benchmarks will cease at the same time as the panels end. Market participants must now complete their transition plans.”
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