The Roadmap for ending LIBOR
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The UK Financial Conduct Authority is considering whether it will be necessary to publish some synthetic LIBOR benchmarks after the termination dates set out by ICE Benchmark Administration to assist legacy contract holders
On enactment of the Financial Services Bill by the UK Parliament, amongst other things, the UK Financial Conduct Authority (the FCA) will have the power to require continued publication of LIBOR benchmark settings on a synthetic basis. The FCA has emphasized that the intention of publishing LIBOR settings on a synthetic basis is to assist legacy contract holders. The use of synthetic LIBOR by UK-regulated firms in regulated financial instruments will be prohibited under the UK Benchmark Regulation (the BMR), as amended by the Financial Services Bill.