FCA to introduce 'synthetic' LIBOR rates as year-end conversion 'not practicable'

For duration of 2022

Lauren Mason
clock • 2 min read
The FCA first warned market participants to prepare for the cessation of LIBOR in 2017
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The FCA first warned market participants to prepare for the cessation of LIBOR in 2017

The Financial Conduct Authority (FCA) has announced that several LIBOR panels, which will cease to exist by year-end, will have to publish synthetic rates to ensure an “orderly wind-down” as the industry transitions away from LIBOR benchmarks.

The decision taken, which will affect six remaining sterling and Japanese yen LIBOR settings for "a limited time period" after the end of 2021, was taken to avoid the disruption of legacy contracts...

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