The Financial Conduct Authority (FCA) announced on Thursday its decision to permanently cease the publication of 1 and 6-month synthetic sterling LIBOR settings on 31 March 2023.
The UK regulator previously required the administrator of LIBOR, ICE Benchmark Administration (IBA), to continue publication of the 1-, 3- and 6-month sterling and yen LIBOR settings for one more year after the end of 2021, using a synthetic methodology.
Today’s decision follows the release of a consultation paper last June. The FCA seeking feedback from the industry on its plans to bring the permanent cessation of the synthetic settings.
