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PLC Financial Services October 26, 2011 The High Court judgment, dated 26 August 2011, relating to the Court's decision to dismiss a further application for an interim injunction to restrain the FSA from publishing a decision notice in respect of Swift Trade Inc., has now been published. On 31 August 2011, the FSA published the decision notice, dated 6 May 2011, that it issued to Swift Trade. The decision notice indicated that the FSA intended to fine Swift Trade £8 million for engaging in market abuse. However, Swift Trade referred the matter to the Upper Tribunal (Tax and Chancery Chamber)

The Alternative Reference Rates Committee Chair Tom Wipf highlighted developments in the transition away from LIBOR and stressed the need for market participants to (i) "immediately" cease issuing USD LIBOR-based instruments and (ii) take "proactive measures" for relevant contracts maturing after June 2023.

The Alternative Reference Rates Committee commended New York State Governor Andrew Cuomo's signing of legislation meant to reduce potential disputes and market disruption associated with the transition away from LIBOR.