LIBOR Transition

The FCA has recently provided additional guidance in relation to the winding down of the LIBOR interest rate benchmark. Panels for all currencies save 1 week & 2 month US Dollar, LIBOR would cease from the end of 2021 and the remaining panels at the end of June 2023. However, there is the possibility that the deadlines will be extended across panels for synthetic rates until end 2022 & US panels possibly extending beyond Q2 2022.

It should be noted that the synthetic LIBOR rates should be used for un-amendable legacy contracts and not for new contracts.