Regulatory AlertsCP22/11: Winding down ‘synthetic’ sterling LIBOR and US dollar LIBOR
The Financial Conduct Authority is consulting on the orderly cessation of synthetic sterling LIBOR settings and assessing the wind-down of US dollar LIBOR following the end of panel submissions. The regulator proposes ceasing the requirement for 1- and 6-month synthetic sterling LIBOR by March 2023, while noting that the 3-month setting remains in use for mortgages and requires further review. Additionally, the FCA seeks information on remaining US dollar LIBOR exposures and potential barriers to transition before the panel ends in June 2023.
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