Article 21(3) Benchmarks Regulation – Notice of First Decision [pdf]

Following its decision to continue the publication of the 1-, 3- and 6-month US dollar LIBOR settings on a synthetic basis beyond June 30, 2023 (please see EventID #20544 for more information) and its decision to permit the continuous use of these LIBOR tenors in specified legacy contracts up to September 30, 2024 (please see EventID 20587), the Financial Conduct Authority has published a last notice in this context. The notice is also addressed at the benchmark administrator ICE Benchmark Administration Limited (IBA) and sets out the requirement of the IBA to continue to publish the synthetic LIBOR tenors for at least 12 months following July 1, 2023, but not beyond September 30, 2023.
The computation of the synthetic LIBOR tenors shall follow the computation methodology outlined in the FCA’s „ARTICLE 23D BENCHMARKS REGULATION – DRAFT NOTICE OF REQUIREMENTS“ (EventID 20614).