FCA confirms rules for legacy use of synthetic LIBOR rates and no new use of US dollar LIBOR | Practical Law

FCA confirms rules for legacy use of synthetic LIBOR rates and no new use of US dollar LIBOR | Practical Law

The FCA has confirmed that it will allow the temporary use of "synthetic" sterling and yen LIBOR rates in all legacy LIBOR contracts, other than cleared derivatives, which have not been changed at or ahead of the end of 31 December 2021. It has also confirmed that the use of US dollar LIBOR will not be allowed in most new contracts written after 31 December 2021.

FCA confirms rules for legacy use of synthetic LIBOR rates and no new use of US dollar LIBOR

by Practical Law Financial Services
Published on 16 Nov 2021 • United Kingdom
The FCA has confirmed that it will allow the temporary use of "synthetic" sterling and yen LIBOR rates in all legacy LIBOR contracts, other than cleared derivatives, which have not been changed at or ahead of the end of 31 December 2021. It has also confirmed that the use of US dollar LIBOR will not be allowed in most new contracts written after 31 December 2021.