March 5, 2021 marks an important day in the LIBOR transition process as the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and ISDA made important announcements on the cessation of LIBOR. In recent years the Bank of England and the FCA have made it clear that the lack of an active underlying market makes LIBOR unsustainable and unsuitable for widespread use. As a result, the Bank of England and FCA have worked closely with market participants and other regulatory authorities to ensure alternatives to LIBOR are available and that existing contracts can be transitioned onto these alternatives to safeguard financial stability and market integrity.
With today’s announcements by the IBA, FCA and ISDA, the timeline for the cessation of LIBOR has been fixed.
Continue Reading Mark the Date: Important Announcements by IBA, FCA and ISDA