The phasing out of LIBOR
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.
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.
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.
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.
Important legal information
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