Intercontinental Exchange (ICE) has announced that the U.K. Financial Conduct Authority (FCA) has confirmed it will not exercise its powers to compel ICE Benchmark Administration, the authorized and regulated administrator of LIBOR, to continue publishing the 1-month, 3-month, and 6-month "synthetic" U.S. dollar LIBOR settings beyond September 30, 2024. Consequently, these final three remaining LIBOR settings will cease to be published after this date, and no new LIBOR settings will be issued thereafter.
Users of LIBOR are advised to seek appropriate legal and regulatory guidance in all relevant jurisdictions to understand and prepare for the implications of the cessation of these remaining synthetic LIBOR settings on their agreements and dealings.
