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ICE Benchmark Administration Offers Update on Cessation of Final LIBOR Settings

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Intercontinental Exchange (ICE) has confirmed that ICE Benchmark Administration (IBA), the FCA authorised and regulated administrator of LIBOR, has provided an update on the cessation of sterling LIBOR.

In line with feedback from its June 2022 consultation and previous statements, the FCA has used its powers under UK Benchmarks Regulation (UK BMR) to require IBA to publish the 3-Month sterling LIBOR setting using an unrepresentative synthetic methodology until 28 March 2024. The FCA has stated that it has no intention to require publication beyond then and that this setting will cease after publication on that date.

IBA is also required by the FCA to continue to publish the 1-, 3- and 6-Month synthetic US dollar LIBOR settings. The FCA has stated that it intends to require IBA to publish these settings until 30 September 2024, but not beyond that date, when it expects publication to cease.

All other LIBOR settings have ceased to be published.

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