FCA announces end to publication of 24 LIBOR settings

The UK Financial Conduct Authority (FCA) announces that publication of 24 LIBOR settings has ended, and the 6 most widely used sterling and Japanese yen settings will be published using a changed methodology from today.

The LIBOR settings that have ended are:

  • all euro and Swiss franc LIBOR settings
  • the overnight / spot next, 1-week, 2-month and 12-month sterling and Japanese yen LIBOR settings
  • the 1-week and 2-month US dollar LIBOR settings

The 1, 3 and 6 month sterling and Japanese yen LIBOR settings are Article 23A benchmarks, meaning they are now permanently unrepresentative of the underlying market they seek to measure. This is because the panel of banks, which used to provide submissions to create these rates, has now ended.

From today, these six LIBOR settings will be calculated in a way that does not rely on submissions from panel banks. Market participants generally call this ‘synthetic’ LIBOR.

In the sterling, Japanese yen, Swiss franc and euro LIBOR derivative markets, cleared contracts were converted to risk-free rates towards the end of 2021. Most uncleared derivative contracts in these currencies will also start using risk-free rates from today, under industry-agreed fallback language adopted through the ISDA protocol. The protocol is still open for adherence for any firm that has not yet done so.

Synthetic yen LIBOR will cease at the end of 2022. Availability of synthetic sterling LIBOR is not guaranteed beyond end-2022, so firms’ efforts to transition away from it should continue. The FCA also reminds market participants that new use of synthetic LIBOR is banned.

The remaining 5 US dollar LIBOR settings will continue to be calculated using panel bank submissions until mid-2023. However, new use of US dollar LIBOR is also now banned, with limited exceptions. The US dollar risk-free rate SOFR is already being widely used in new business. Firms should now focus on converting their legacy US dollar LIBOR contracts by mid-2023.

50 Replies to “FCA announces end to publication of 24 LIBOR settings”

  1. An intriguing discussion is definitely worth comment. There’sno doubt that that you should publish more about this topic, it may not be a taboo matter but usually people don’t talk about such subjects.To the next! Kind regards!!

  2. That is a really good tip particularly to those new to theblogosphere. Short but very accurate information… Many thanks forsharing this one. A must read post!My blog post; hatched seeds

  3. Aw, this was an exceptionally nice post. Taking the time and actual effort to generate a good articleÖ but what can I sayÖ I hesitate a whole lot and never manage to get anything done.

  4. Aw, this was an exceptionally good post. Taking the time and actual effort to produce a very good articleÖ but what can I sayÖ I put things off a lot and never seem to get anything done.

  5. It’s really a cool and helpful piece of info. I’m satisfied that you simply shared this helpful information with us. Please keep us up to date like this. Thank you for sharing.

  6. Pretty nice post. I simply stumbled upon your blog and wished to mention that I’ve really enjoyed browsing your blog posts.In any case I’ll be subscribing on your feedand I hope you write once more soon!

  7. I haven¡¦t checked in here for some time as I thought it was getting boring, but the last several posts are great quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂

  8. Hey! This is my first comment here so Ijust wanted tto give a quic shoutout and say I truly enjoy reading through your articles.Appreciate it!

  9. A fascinating discussion is worth comment. I think that you should write more on this issue, it might not be a taboo subject but typically people don’t speak about such issues. To the next! All the best!!

  10. A fascinating discussion is definitely worth comment. I believe that you need to write more on this subject matter, it may not be a taboo matter but generally folks don’t discuss these topics. To the next! Kind regards!!

  11. You can certainly see your expertise within the work you write. The world hopes for more passionate writers like you who are not afraid to say how they believe. Always follow your heart.

  12. Hi there! Do you use Twitter? I’d like to follow youif that would be okay. I’m undoubtedly enjoying yourblog and look forward to new posts.

  13. A motivating discussion is definitely worth comment. I believe that you need to write more on this topic, it may not be a taboo subject but generally people do not speak about these subjects. To the next! Kind regards!!

  14. An intriguing discussion is definitely worth comment.I do think that you should write more on this subject matter,it may not be a taboo subject but usually people do not speak aboutsuch topics. To the next! Cheers!!

  15. More than 66,000 winning tickets had been sold in Florida’s Saturday drawing but no one particular ticket matched allfive white numbers.

  16. Howdy! Someone in my Myspace group shared this website with us so I came to give it a look. I’m definitely enjoying the information. I’m bookmarking and will be tweeting this to my followers! Exceptional blog and terrific design and style.

  17. Thanks for another magnificent article. Where else could anybody get that type of information in such an ideal way of writing? I’ve a presentation next week, and I’m on the look for such information.

  18. Magnificent web site. A lot of useful info here. I’m sending it to several pals ans also sharing in delicious. And certainly, thanks in your sweat!

  19. Admiring the time and energy you put into your blog and detailed information you provide. It’s awesome to come across a blog every once in a while that isn’t the same out of date rehashed material. Wonderful read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.

  20. Howdy! I know this is kind of off topic but I was wondering which blog platform are you using for this website? I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking at options for another platform. I would be awesome if you could point me in the direction of a good platform.

  21. Thank you for another informative web site. Where else could I get that kind of information written in such a perfect way? I’ve a project that I am just now working on, and I’ve been on the look out for such information.

  22. Wow! This could be one particular of the most helpful blogs We’ve ever arrive across on this subject. Basically Excellent. I am also a specialist in this topic so I can understand your effort.

  23. You actually make it seem so easy with your presentation but I find this matter to be actually something which I think I would never understand. It seems too complex and extremely broad for me. I’m looking forward for your next post, I will try to get the hang of it!

  24. I’d must examine with you here. Which is not something I usually do! I enjoy reading a post that may make folks think. Additionally, thanks for permitting me to comment!

  25. Thank you for another wonderful article. Where else could anyone get that type of information in such a perfect way of writing? I’ve a presentation next week, and I’m on the look for such info.

  26. Hi there, You have done an excellent job. I’ll definitely digg it and personally recommend to my friends. I’m confident they’ll be benefited from this web site.

Leave a Reply

Your email address will not be published. Required fields are marked *