FCA Announces Decision on
Cessation of Synthetic GBP LIBOR

 

The FCA has decided to permanently cease publication of the 1M- and 6M- synthetic GBP LIBOR at the end of March 2023.

After the cessation of other tenors of GBP LIBOR and all tenors of JPY LIBOR on December 31, 2021, the FCA had required the ICE Benchmark Administration to continue publishing both 1- and 6-month synthetic GBP LIBOR for another year. They have now decided to extend that by 3 months to the end of March 2023.

They have not yet provided information on when the 3-month synthetic GBP LIBOR setting should cease nor on the possibility of publishing synthetic USD LIBOR after its cessation in June 2023.

For details click here.

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Principia Partners LLC provides solutions for derivative and fixed income operations. Global financial institutions and independent asset managers have used the award-winning Principia Analytic System since 1995 to unify valuations, portfolio management, risk surveillance, hedge accounting and operational control across the breadth of fixed income and derivative products. In 2015, Principia launched its Analytic Service, pasVal, to make its award-winning pricing and analytics available to an even broader range of businesses.