Emma RadmoreFCA has reminded firms that publication of 24 LIBOR settings has ended – that is, all euro and Swiss Franc, all overnight/spot next, 1-week, 2-month and 12-month sterling and Japanese yen and 1-week and 2-month US dollar settings. Meanwhile the 1,3 and 6 month sterling and Japanese yen settings are now permanently unrepresentative of the underlying market they seek to measure and will from how on be calculated on a synthetic basis. This will end for at least the yen settings at the end of 2022. The 5 remaining US dollar settings will remain and will be calculated using panel bank submissions until mid-2023 but there can be virtually no new use of US dollar LIBOR.
