About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Briefs

FCA Requires IBA to Continue Publication of US Dollar LIBOR Settings Using Synthetic Methodology

Subscribe to our newsletter

Further to a November 2022 consultation, the FCA has decided to use its powers under UK Benchmarks Regulation (UK BMR) to require ICE Benchmark Administration (IBA) to continue publication of 1-, 3- and 6-month US dollar LIBOR settings using an unrepresentative synthetic methodology. The FCA will require IBA to publish these synthetic US dollar LIBOR settings for a temporary period after 30 June 2023, following the end of the US dollar LIBOR bank panel, and intends for them to cease entirely on 30 September 2024.

 

From 1 July 2023, all new use of synthetic US dollar LIBOR by UK supervised entities will be prohibited under the UK BMR, which the FCA notes will override the exemptions to the prohibition on the new use of US dollar LIBOR imposed by the FCA on 1 January 2022. The FCA will allow the use of the 1-, 3- and 6-month synthetic US dollar LIBOR settings by supervised entities in all legacy contracts, except for cleared derivatives.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Multi-cloud environments – How to maximise data value while keeping on the right side of privacy and security

Date: 11 July 2023 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Multi-cloud environments have much to offer beyond single-vendor cloud setups, including the benefits of access to a variety of best-in-class cloud solutions, opportunities for price optimisation, greater flexibility and scalability, better risk management, and crucially, increased performance and availability....

BLOG

Informatica Plans Second Half Release of CLAIRE GPT

Informatica, a provider of cloud data management solutions, is planning a second half 2023 release of CLAIRE GPT, a generative AI-powered data management platform that will become part of its Intelligent Data Management Cloud (IDMC). The company describes CLAIRE GPT, which is based on its enterprise-scale AI engine, as the next generation of the IDMC...

EVENT

ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

ESG Handbook 2023

The ESG Handbook 2023 edition is the essential guide to everything you need to know about ESG and how to manage requirements if you work in financial data and technology. Download your free copy to understand: What ESG Covers: The scope and definition of ESG Regulations: The evolution of global regulations, especially in the UK...