Synthetic US dollar LIBOR: FCA publishes 1-month to go reminder
05 September 2024On 5 September 2024, the FCA made a final announcement on the forthcoming end of LIBOR. The FCA confirmed that there will be no extension to the end-September 2024 deadline and that the last remaining synthetic USD LIBOR settings will permanently cease after their final publication on 30 September 2024.
In July 2024, we published a joint letter with the APLMA reminding all market participants of the need to prepare for the end of LIBOR. The LMA would like to further remind all market participants to:
- check any remaining exposures relying on synthetic USD LIBOR;
- check the fallbacks contained within the contract which will apply once synthetic USD LIBOR ceases;
- check the process / consent levels for making amendments to the interest rate provisions; and
- consider all options available and timing (e.g. consider whether interest resets may be possible on 30 September 2024).
We remain on hand to support the market through these final stages of transition. Please contact us with any specific issues or concerns.
Click here to access the FCA announcement.