Author: Ashley Rowlands

Another piece of the puzzle: the FCA’s consultation on synthetic LIBOR

The Financial Conduct Authority published a consultation paper on 24 June 2021 on its proposed decision to require synthetic LIBOR for 6 sterling and Japanese yen settings.

The FCA propose to require the administrator of LIBOR, ICE Benchmark Administration, to change the way 1-month, 3-month and 6-month sterling and Japanese yen LIBOR settings are determined after 2021 to secure an orderly wind-down, using its powers under the UK Benchmarks Regulation (as amended by provisions of the Financial Services Act 2021 that came into force on 1 July 2021).