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USD LIBOR Transition Timeline in Question Following IBA & FCA Statements

Client memorandum | November 20, 2020

A degree of uncertainty arose this week concerning the widely anticipated year-end 2021 demise of USD LIBOR.  On Wednesday, November 18, ICE Benchmark Administration Limited (“IBA”), the administrator for LIBOR, announced plans to consult on its intention to cease publication of all tenors of GBP, EUR, CHF and JPY LIBOR settings after December 31, 2021.  Concerning USD LIBOR, however, IBA merely noted that discussions with the U.K.’s Financial Conduct Authority (the “FCA”) and other official sector bodies and panel banks are continuing, with future announcements to come after those discussions conclude.  Wednesday’s statement by IBA coincided with a related FCA consultation announcement addressing, among other topics, the FCA’s potential new approach to ensuring an orderly wind down of USD LIBOR through the use of new powers to be granted under amendments to the Benchmarks Regulation that are contained in the currently pending U.K. Financial Services Bill.

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