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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

Intercontinental Exchange, Inc. , a leading global provider of data, technology, and market infrastructure, today announced that the U.K. Financial Conduct Authority has decided to require ICE... | September 29, 2022

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today noted that the UK Financial Conduct Authority (FCA) will compel ICE Benchmark

Introduction On 5 March 2021, the UKs Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration (IBA). The FCA also confirmed that where a "synthetic" LIBOR is available after the cessation dates, the synthetic LIBOR will not in any event be considered to be representative as of the cessation dates. This is an important step towards the end of LIBOR, providi...

5-Mar-21 Non-Representative. “Synthetic” rate possible for a “further period” after end-June 2023. Bullet 2: The announcements from the FCA and IBA were not unexpected and were the result of feedback from market participants. The IBA feedback statement and the FCA announcement were anticipated as a result of a process by the IBA where it sought input from market participants regarding proposed end dates for certain settings for LIBOR. The FCA announced in July of 2017 its intention that...

[co-author: Anna Lewis-Martinez] On 5 March 2021, the UK’s Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration (IBA). The FCA also confirmed that where a “synthetic” LIBOR is available after the cessation dates, the synthetic LIBOR will not in any event be considered to be representative as of the cessation dates. This is an important step toward...

To print this article, all you need is to be registered or login on Mondaq.com. On March 5, 2021, the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and International Swaps and Derivatives Association (ISDA) made important announcements regarding the timelines of the cessations of the London Interbank Offered Rate (LIBOR). LIBOR cessation dates The IBA, which administers LIBOR, confirmed in its feedback statement on its consultation regarding th...

JPY LIBOR GBP LIBOR USD LIBOR Overnight and 12 Months ‘Synthetic’ LIBOR Under proposed amendments to the UK Benchmarks Regulation, the FCA would have the power to require the IBA to continue publishing LIBOR settings on a “synthetic” basis using a changed methodology. The FCA has indicated that synthetic LIBOR would be based on a forward-looking term rate version of the relevant risk-free rate plus a fixed spread adjustment calculated over the same period and in the same way as the spre...

As widely expected, the United Kingdom's Financial Conduct Authority (FCA), the regulator for Libor (the London Interbank Offered Rate), has issued an announcement confirming that all...

Tuesday, March 9, 2021 On March 5, 2021, in a series of highly coordinated cross-border announcements, regulators on both sides of the Atlantic announced the future cessation of various London Interbank Offered Rates ( LIBOR) rates. These announcements were further augmented by statements issued by various industry groups such as LSTA and ISDA as well as the LIBOR administrator.  The bottom line is that for USD LIBOR, the one-day, one-month, six-month and one-year LIBOR rates will ce...