Inside this Topic Guide
International: In 2014, the Financial Stability Board (FSB) recommended enhancing existing IBORs and the development and adoption of alternative risk-free rates (RFRs) and several jurisdictions have since established working groups which have developed appropriate RFRs as alternative benchmark rates or worked towards reform of existing rates.
The following LIBOR settings ceased at the end of 2021:
- Euro LIBOR – all settings
- Swiss Franc LIBOR – all settings
- US Dollar LIBOR – one week and two month settings
- Sterling LIBOR –overnight, one week, two month and twelve month settings
- Yen LIBOR – spot next, one week, two month and twelve month settings
The following LIBOR settings became non-representative after the end of 2021 but continue to be published on the basis of a changed methodology (synthetic LIBOR):
- Sterling LIBOR – one, three and six month settings
- Yen LIBOR – one, three and six month settings
Such continued publication will be for one year for Yen LIBOR until end-2022. For Sterling LIBOR, the FCA will require the continued publication of the 1 and 6 month settings until 31 March 2023, and the 3 month sterling LIBOR setting until end-March 2024.
Most US Dollar LIBOR settings continue until 2023:
- Overnight and twelve month USD LIBOR settings will cease after June 2023
- One, three and six month USD LIBOR settings will either cease after June 2023 or (subject to further consultation) will become non-representative and will continue to be published on the basis of a changed methodology (synthetic LIBOR) until end-September 2024.
Product areas: Trade and other associations have worked and continue to work with the relevant jurisdiction and currency specific working groups on transition issues pertinent to their specific products, to ensure appropriate consistency for linked products and, where necessary, to update their documentation to accommodate alternative benchmark rates - see trade and industry bodies below.
|Yusuke Abe (Tokyo)||Louise Keary (London)|
|Chris Bates (London)||Paul Landless (Singapore)|
|Marc Benzler (Frankfurt)||Jonathan Lewis (Paris)|
|Gary Brooks (New York)||Vicky Ma (Hong Kong)|
|Cheuk-Yin Cheung (Dubai)||Dauwood Malik (Hong Kong)|
|Charles Cochrane (London)||David Martinez (New York)|
|José Manuel Cuenca (Madrid)||Catherine McCarthy (Washington)|
|Caroline Dawson (London)||Patrick O'Reilly (New York)|
|Paul Deakins (London)||Gareth Old (New York)|
|Anne Drakeford (London)||Kate Scott (London)|
|Francis Edwards (Hong Kong)||Bettina Steinhauer (Frankfurt)|
|Kate Gibbons (London)||Jeremy Walter (London)|
|Andrew Hutchins (Singapore)|