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LIBOR Newsflash: Announcement On Official Cessation Of LIBOR Is Expected Soon - Finance and Banking


With only ten months left until the phase-out of the London
Interbank Offered Rate (
LIBOR ),
transition efforts should be well underway. In this bulletin, we
discuss the ICE Benchmark Administration (the

IBA ) and/or the Financial Conduct
Authority s (the
FCA ) expected
announcement about the official cessation of LIBOR, and highlight
the modified timelines for transitioning from LIBOR to an alternate
risk-free rate (
RFR ) recommended by
the relevant working groups.
1.  Expected Announcement on LIBOR Cessation
On January 25, 2021, the administrator of LIBOR, the IBA,
concluded its consultation on the potential cessation of LIBOR
settings (the
IBA Consultation ).
1 The IBA intends to cease ....

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The transition away from LIBOR: state of play - Finance and Banking


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The Financial Conduct Authority (FCA) has recently
reiterated that 2021 is the critical year for firms to
complete their transition away from
LIBOR .
1
LIBOR).
In this article, we discuss the current state of play and the
measures governments and institutions are taking to aid this
transition, including the development of overnight risk-free rates
(
RFRs), recommended transition milestones and
proposed legislative reform.
Development of RFRs
The European Central Bank commenced publishing the Euro Short
Term Rate on 2 October 2019, and since then RFRs for all LIBOR ....

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