Skip to main content

UPDATE: USD LIBOR Transition Timeline Likely to be Extended to June 30, 2023

Client memorandum | December 1, 2020

In a potentially major development, on November 30th ICE Benchmark Administration (“IBA”), the administrator for LIBOR, announced plans to consult early this December on its intention to cease publication (i) immediately after December 31, 2021 of one week and two month USD LIBOR settings and (ii) immediately following the LIBOR publication on June 30, 2023 of the remaining USD LIBOR settings – i.e., overnight and one, three, six and twelve month settings. According to IBA’s regulator, the U.K. Financial Conduct Authority (the “FCA”), this extension of a clear end date for most USD LIBOR settings from the end of 2021 to mid-2023 will continue to incentivize the “swift transition” away from USD LIBOR while still affording market participants sufficient time to address the corresponding modifications that must be made to legacy contracts referencing USD LIBOR.

Additional information

icon View File

This communication is for general information only. It is not intended, nor should it be relied upon, as legal advice. In some jurisdictions, this may be considered attorney advertising. Please refer to the firm’s data policy page for further information.