The phasing out of LIBOR

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Read time : 8 mins        Added:  28/10/2020

In July 2017, the Financial Conduct Authority (FCA) signalled the discontinuation of LIBOR. This kick-started significant activity around the globe to consider the implications and prepare for transition to alternative reference rates.

On 5 March 2021 the FCA announced the dates that all LIBOR settings will either cease to be provided by any administrator or no longer be representative:

  • Immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and
  • Immediately after 30 June 2023, in the case of the remaining US dollar settings

The announcement provides greater certainty on the cessation of LIBOR and reinforces the need to take action on transition plans now.

This webpage has resources to support you, including webinars, our latest newsletters, FAQs, and links to further information from official sector and market bodies. 

Image of Bank of England

FCA announcement on the end of LIBOR

This announcement provides greater certainty on the cessation of LIBOR and reinforces the need to finalise planning as soon as practicable.

Click here to read more about the announcement(PDF, 113KB)

Live Broadcast Replay - Oct 2020: How prepared are you for IBOR transition?

With the anticipated cessation of LIBOR only just over a year away, our speakers share insights into their experiences and address some of the challenges that businesses are facing into.

Benchmark Factsheets

Reference rates for loans and derivatives are changing as a result of LIBOR approaching cessation. This may have an impact on the products and services you currently use and those we may provide in the future.

The Benchmark Factsheets provide an outline of the main features of key benchmark rates. 

Latest Newsletter

The March edition of the IBOR Transition Newsletter covers latest developments and a closer look at help for sterling syndicated loans.

FAQs

Some FAQs to support clients during LIBOR Transition. 

Reference Materials

Links to information and publications from official sector working groups and market bodies.

Useful links

IBOR Transition Newsletter – Feb 2021(PDF, 229KB): Latest developments on IBOR Transition.

IBOR Transition Newsletter – Jan 2021 (PDF, 376KB): Latest developments and a closer look at open consultations.

IBOR Transition Newsletter - Nov 2020 (PDF, 319KB): Latest developments and a closer look at the ISDA fallbacks supplement and protocol.

IBOR Transition Newsletter - Oct 2020 (PDF, 351KB): Latest developments and a closer look at transitioning loans with interest rate floors

IBOR Transition Newsletter - Sep 2020 (PDF, 210KB): Latest developments and a closer look at the transition timeline

IBOR Transition Webinar - Jul 2020: How prepared are you in the current crisis?

LIBOR: the countdown to 2021 (May 2020, PDF, 376KB): Gives insight into the background on LIBOR transition 

Client Notice (PDF, 260KB): LIBOR and other affected benchmark rates

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