FCA Announces Decision on Cessation of Synthetic GBP LIBOR

The FCA has decided to permanently cease publication of the 1M- and 6M- synthetic GBP LIBOR at the end of March 2023.

After the cessation of other tenors of GBP LIBOR and all tenors of JPY LIBOR on December 31, 2021, the FCA had required the ICE Benchmark Administration to continue publishing both 1- and 6-month synthetic GBP LIBOR for another year. They have now decided to extend that by 3 months to the end of March 2023.

They have not yet provided information on when the 3-month synthetic GBP LIBOR setting should cease nor on the possibility of publishing synthetic USD LIBOR after its cessation in June 2023.

For details click here.

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