UK Financial Conduct Authority: Remaining Synthetic US Dollar LIBOR Settings – 3 Months To Go

It’s now 3 months to go until the 1-, 3- and 6-month synthetic US dollar LIBOR settings are expected to cease after publication on Monday 30 September 2024.

These are the last remaining synthetic LIBOR settings and the last remaining LIBOR settings overall. Their cessation will mark the final milestone in the transition away from LIBOR. 

In line with our April 2023 announcement and further to our recent decision, we have required ICE Benchmark Administration Limited (IBA) to continue to publish the 1-, 3- and 6-month US dollar LIBOR settings in synthetic form until the end of September 2024. We have no intention to use our powers to compel IBA to continue to publish the settings beyond this date.

Market participants with outstanding US dollar LIBOR exposures must make sure they are prepared for these remaining synthetic US dollar LIBOR settings to cease by the expected deadline.

Parties to contracts still referencing US dollar LIBOR should be taking steps to transition to appropriate, robust reference rates, renegotiating with counterparties where necessary.