Authors: Deepak Sitlani, David Phillips, Benedict James, Jeremy Stokeld, Catherine Wade, Mark Crawford, Phoebe Coutts, Vinay Samani, Edward Chan, Carson Welsh

FCA LIBOR Cessation Announcement: the end in sight

The Financial Conduct Authority (the “FCA”) announced on 5 March 2021 the future cessation or loss of representativeness of all 35 LIBOR benchmark settings currently published by IBA (the “FCA Announcement”). The FCA Announcement follows the notification by ICE Benchmark Administration (the “IBA”) to the FCA that it intends to cease providing all LIBOR settings for all currencies, subject to any rights of the FCA to compel IBA to continue publication.