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United Kingdom Financial Conduct Authority announced final decision on transition of US Dollar LIBOR. ICE Benchmark Administration Limited required to publish synthetic USD LIBOR beginning July 1 to reduce market disruption and maintain orderliness of financial system
USD LIBOR expected to end June, 2023 with numerous legal financial implications to consider, especially as remediation of leveraged loans and other commercial loans needs to progress further according to the Alternative Reference Rates Committee ARRC meeting in February 2023
As market participants prepare to submit comments on UK Financial Conduct Authority FCA proposal to require temporary publication of a synthetic 1-, 3- and 6-month USD LIBOR, some are concerned compelled publication of synthetic USD LIBOR could precipitate litigation wave.