The Financial Conduct Authority has extended the usage of synthetic US dollar LIBOR to September 2024, extending the deadline past its previous end date of June 2023.
Any new usage of synthetic US dollar LIBOR will be prohibited from 1 July 2023, overriding any exemptions previously offered by the regulator. Usage of the 1-, 3- and 6-months synthetic US dollar settings will be permitted for all legacy contracts, excluding cleared derivatives, and will be calculated using the relevant CME term secured overnight financing rates (SOFR) reference rate plus the respective International Swaps and Derivatives Association (ISDA) fixed spread adjustment. Convicted LIBOR rigger Tom Hayes has US charges thrown out These LIBOR settings are among the last re...
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