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
Image:

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...

To continue reading this article...

Join Investment week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space

  • Get ahead of regulatory and technological changes affecting fund management

  • Important and breaking news stories selected by the editors delivered straight to your inbox each day

  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts

  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

The Sustainable Finance Disclosure Regulation (SFDR) imposes mandatory ESG disclosure obligations
ESG

Brussels delays application date for SFDR disclosure rules

Further six months to July 2022

Pedro Gonçalves
clock 09 July 2021 • 2 min read
The news comes on the eve of the second anniversary of Woodford's Equity Income Fund being suspended

FCA to update MPs on Woodford following interviews - reports

FCA looking at "spirit of" rules

clock 28 May 2021 • 1 min read
The FCA is considering scrapping MiFID rules on research for companies with a market cap of less than £200m

FCA's MiFID II proposed changes could save asset managers £6.7m in compliance costs a year

Three firms set to benefit from research exemptions

Pedro Gonçalves
clock 07 May 2021 • 2 min read