FCA issues final announcement about forthcoming end of LIBOR

Regulatory news

2024-09-09 09:27:06

2.08W

The UK Financial Conduct Authority (FCA) today issued its final announcement about the forthcoming end of LIBOR.

It is now less than 1 month to go until the 1-, 3- and 6-month synthetic US dollar LIBOR settings cease permanently after their final publication on Monday 30 September 2024.

Further to its June 2024 decision, the FCA has required ICE Benchmark Administration Limited (IBA) to continue to publish the 1-, 3- and 6-month US dollar LIBOR settings in synthetic form until the end of September 2024. The FCA will not use its powers to compel IBA to continue to publish the settings beyond this date.

Ahead of the deadline, firms with outstanding US dollar LIBOR exposures must continue their active transition efforts.

The cessation of the last remaining LIBOR settings is the final milestone in the transition away from LIBOR and will mark the end of LIBOR overall.

Maria Nikolova

Maria has been engaged in journalism for more than 17 years, providing Forex industry coverage for the past 10 years. Before joining FNG she was Managing Editor at FinanceFeeds. Prior to that, she worked at LeapRate. Maria has a Philosophy degree from the St. Kliment Ochridski university in Sofia. She has specialized in Cognitive Science in Vienna. Her interests include psychology, AI, and linguistics.