On November 14, 2022, ICE Benchmark Administration (IBA) published a feedback statement on its decision to cease publication of USD LIBOR ICE swap rate settings for all tenors immediately after publication on June 30, 2023. The statement was issued following feedback the IBA received from its August 2022 consultation (see Legal Update, IBA Consults on Cessation of USD LIBOR ICE Swap Rate).

In a related press release, IBA advised all users of the USD LIBOR ICE Swap Rate benchmark to take account of its upcoming cessation and ensure their contractual and other arrangements linked to the benchmark contain appropriate fallback or other arrangements to address the cessation. IBA stressed that none of the consultation, feedback statement, or press release are an announcement that IBA will either cease or continue the publication of any other ICE swap rate settings after June 20, 2023.

For more information on interest rate benchmark reform in the derivatives market, see Practice Note, Interest Rate Benchmark Reform: Bond and Derivatives Markets and LIBOR Replacement Toolkit.