Commentary by Nick Allen
The ICE Benchmark Administration decided to cease publishing USD LIBOR ICE swap rate "runs" for all tenors immediately after publication of the rates on June 30, 2023.
In an effort to "ensure an orderly wind-down," the UK Financial Conduct Authority will require the publication of certain "synthetic" LIBOR rates for JPY and GBP.
The UK Financial Conduct Authority announced the dates by which panel banks' submissions for any London Inter-Bank Offered Rate ("LIBOR") will stop and LIBOR will no longer be representative.
The Financial Conduct Authority and ICE Benchmark Administration confirmed that the "reasonable period" during which LIBOR would continue to be published following an announcement that LIBOR is no longer representative would be minimal.
The Financial Conduct Authority, Bank of England and members of the Working Group on Sterling Risk-Free Reference Rates reaffirmed that firms should not rely on LIBOR being published after 2021, even with the impact of COVID-19 on markets.