{"id":690143,"date":"2022-09-29T07:33:10","date_gmt":"2022-09-29T11:33:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/"},"modified":"2022-09-29T07:33:10","modified_gmt":"2022-09-29T11:33:10","slug":"u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/","title":{"rendered":"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023<\/b><\/p>\n<p>LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nIntercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that the U.K. Financial Conduct Authority (FCA) has decided to require ICE Benchmark Administration Limited (IBA) to continue to publish 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings until March 31, 2023.\n<\/p>\n<p>\nThe FCA has <a rel=\"nofollow\" href=\"https:\/\/secure.ice\/?https:\/\/www.fca.org.uk\/news\/statements\/fca-announces-decision-cessation-1-and-6-month-synthetic-sterling-libor-end-march-2023\">announced<\/a> that, following the results of a <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/consultation\/cp22-11.pdf\">consultation<\/a>, it has no intention to use its powers to compel IBA to continue to publish the 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings beyond this date, and that therefore these settings will permanently cease immediately after final publication on March 31, 2023.\n<\/p>\n<p>\nThe FCA also consulted on when it could cease to compel IBA to publish 3-Month \u201csynthetic\u201d sterling LIBOR and noted there was support for requiring the continuation of 3-Month \u201csynthetic\u201d sterling LIBOR for a limited period beyond the end of March 2023. The FCA is considering the appropriate date for such cessation in light of the feedback received, and will provide further information when it publishes its summary of feedback on that question.\n<\/p>\n<p>\nThe publication of all Swiss franc and euro LIBOR settings, the 1 Week and 2 Month U.S. dollar LIBOR settings, and the Overnight\/Spot Next, 1 Week, 2 Month and 12 Month sterling and Japanese yen LIBOR settings permanently <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/documents\/future-cessation-loss-representativeness-libor-benchmarks.pdf\">ceased<\/a> after December 31, 2021. The FCA has <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/article-21-3-benchmarks-regulation-first-decision-notice.pdf\">compelled<\/a> IBA to publish the 1-, 3- and 6-Month sterling and Japanese yen settings for the duration of 2022 using a changed, unrepresentative <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/article-23d-benchmarks-regulation-draft-requirements-notice.pdf\">\u201csynthetic\u201d methodology<\/a>. The FCA has stated that the \u201csynthetic\u201d JPY LIBOR settings will cease at the end of 2022.\n<\/p>\n<p>\nPublication of the Overnight and the 1-, 3-, 6- and 12-Month U.S. dollar LIBOR settings currently continues using panel bank contributions under the <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/publicdocs\/USD_LIBOR_Methodology.pdf\">\u201cpanel bank\u201d LIBOR methodology<\/a>. IBA <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/news\/press-releases\/further-arrangements-orderly-wind-down-libor-end-2021\">expects<\/a> to continue to determine and publish these settings on this basis until the end of June 2023, at which point panel banks will stop contributing and the Overnight and 12-Month U.S. dollar LIBOR settings will permanently cease. The FCA has stated that it will consider the case for requiring continued publication of the 1-, 3-, and 6-Month U.S. dollar LIBOR settings using an unrepresentative, \u201csynthetic\u201d methodology after June 2023. As part of its consultation, the FCA sought information relating to U.S. dollar LIBOR exposures that might persist beyond the end of June 2023, and information to help it assess the case for, and consequences for market participants of, a decision to compel IBA to produce \u201csynthetic\u201d U.S. dollar LIBOR for a limited period. The FCA is assessing the feedback received and plans to respond later in the Autumn of 2022.\n<\/p>\n<p>\nPlease see IBA\u2019s <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/iba\/libor\">LIBOR webpage<\/a> and the FCA\u2019s <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/markets\/libor\">LIBOR transition webpage<\/a> for further information.\n<\/p>\n<p><b>About ICE Benchmark Administration<\/b><\/p>\n<p><b>ICE Benchmark Administration<\/b> is authorized and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark, and is authorized as a benchmark administrator under the UK Benchmarks Regulation. ICE, LIBOR, and ICE Benchmark Administration are registered trademarks of IBA and\/or its affiliates.\n<\/p>\n<p><b>About Intercontinental Exchange<\/b><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/www.ice.com\/\"><b>Intercontinental Exchange, Inc.<\/b><\/a><b \/>(NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/about\/exchanges-clearing\"><b>exchanges<\/b><\/a>, including the <a rel=\"nofollow\" href=\"https:\/\/www.nyse.com\/\"><b>New York Stock Exchange<\/b><\/a>, and <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/solutions\/clearing\"><b>clearing houses<\/b><\/a> that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/about\/fixed-income-data\"><b>data services<\/b><\/a> and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/about\/mortgage-technology\"><b>ICE Mortgage Technology<\/b><\/a>, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.\n<\/p>\n<p>\nTrademarks of ICE and\/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and\/or its affiliates is located <a rel=\"nofollow\" href=\"http:\/\/www.intercontinentalexchange.com\/terms-of-use\"><b>here<\/b><\/a>. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading \u201cKey Information Documents (KIDS).\u201d\n<\/p>\n<p>\nSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995 &#8212; Statements in this press release regarding ICE&#8217;s business that are not historical facts are &#8220;forward-looking statements&#8221; that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE&#8217;s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE&#8217;s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.\n<\/p>\n<p>\nCategory: Exchanges\n<\/p>\n<p>\nICE- CORP\n<\/p>\n<p>\nSource: Intercontinental Exchange\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20220929005469r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20220929005469\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20220929005469\/en\/<\/a><\/span><\/p>\n<p><b>ICE Media Contact:<br \/>\n<\/b><br \/>Rebecca Mitchell<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Rebecca.Mitchell@ice.com\">Rebecca.Mitchell@ice.com<br \/>\n<\/a><br \/>+44 7951 057 351<\/p>\n<p><b>ICE Investor Contact:<br \/>\n<\/b><br \/>Katia Gonzalez<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:katia.gonzalez@ice.com\">katia.gonzalez@ice.com<br \/>\n<\/a><br \/>(678) 981-3882\n<\/p>\n<p><b>KEYWORDS:<\/b> United Kingdom Europe<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Finance Banking Data Management Professional Services Technology<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20220929005469\/en\/411456\/3\/ICE_R_colour.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023 LONDON&#8211;(BUSINESS WIRE)&#8211; Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that the U.K. Financial Conduct Authority (FCA) has decided to require ICE Benchmark Administration Limited (IBA) to continue to publish 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings until March 31, 2023. The FCA has announced that, following the results of a consultation, it has no intention to use its powers to compel IBA to continue to publish the 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings beyond this date, and that therefore these settings will permanently cease immediately after final publication on March &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-690143","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023 LONDON&#8211;(BUSINESS WIRE)&#8211; Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that the U.K. Financial Conduct Authority (FCA) has decided to require ICE Benchmark Administration Limited (IBA) to continue to publish 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings until March 31, 2023. The FCA has announced that, following the results of a consultation, it has no intention to use its powers to compel IBA to continue to publish the 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings beyond this date, and that therefore these settings will permanently cease immediately after final publication on March &hellip; Continue reading &quot;U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-29T11:33:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20220929005469r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023\",\"datePublished\":\"2022-09-29T11:33:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\\\/\"},\"wordCount\":881,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20220929005469r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\\\/\",\"name\":\"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023 - 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(NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that the U.K. Financial Conduct Authority (FCA) has decided to require ICE Benchmark Administration Limited (IBA) to continue to publish 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings until March 31, 2023. The FCA has announced that, following the results of a consultation, it has no intention to use its powers to compel IBA to continue to publish the 1- and 6-Month \u201csynthetic\u201d sterling LIBOR settings beyond this date, and that therefore these settings will permanently cease immediately after final publication on March &hellip; Continue reading \"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/","og_site_name":"Market Newsdesk","article_published_time":"2022-09-29T11:33:10+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20220929005469r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023","datePublished":"2022-09-29T11:33:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/"},"wordCount":881,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20220929005469r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/u-k-financial-conduct-authority-announces-cessation-of-one-and-six-month-synthetic-sterling-libor-at-the-end-of-march-2023\/","name":"U.K. Financial Conduct Authority Announces Cessation of One and Six Month \u201csynthetic\u201d Sterling LIBOR at the end of March 2023 - 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