USD LIBOR - Revision history

Doug: Update for cessation of LIBOR.

2024-10-03T00:21:58Z

Update for cessation of LIBOR.

← Older revision		Revision as of 00:21, 3 October 2024
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	USD LIBOR ceased publication at the end of June 2023.		USD LIBOR ceased publication at the end of June 2023.

	A temporary synthetic USD LIBOR ~~has been~~ put in place until September 2024 to support the transition of legacy transactions that have not yet transferred to an appropriate replacement risk-free rate, such as SOFR.		A temporary synthetic USD LIBOR was put in place until September 2024 to support the transition of legacy transactions that have not yet transferred to an appropriate replacement risk-free rate, such as SOFR.


	USD LIBOR provided an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in USD.		USD LIBOR provided an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in USD.

			LIBOR ended in September 2024.

	~~:<span style="color:#4B0082">'''''New use of USD LIBOR is banned'''''</span>~~

	:"The ~~remaining 5 US dollar~~ LIBOR ~~settings will continue to be calculated using panel bank submissions until mid-2023.~~		:<span style="color:#4B0082">'''''The end of LIBOR'''''</span>

	:~~However~~, ~~new use of US dollar~~ LIBOR is now ~~banned, with limited exceptions~~.		:"Yesterday, 30 September 2024, the remaining synthetic LIBOR settings were published for the last time and LIBOR came to an end. All 35 LIBOR settings have now permanently ceased.

	:The ~~US dollar~~ risk-free ~~rate SOFR is already being widely used in new business~~.		:The transition away from LIBOR, once referenced in an estimated $400 trillion of financial contracts, has made financial markets safer, more stable and fit for modern use. UK regulators, their international counterparts and market participants have worked together over the past decade to move to risk-free rates (“RFRs”), based on robust data.

	:~~Firms should now focus on converting their~~ legacy ~~US dollar~~ LIBOR contracts ~~by mid-2023~~."		:Synthetic LIBOR was a temporary bridge to give firms more time to move outstanding legacy LIBOR-linked contracts towards alternative RFRs, allowing for an orderly cessation."

	:''~~Changes to LIBOR as of end-2021 - Financial Conduct Authority.''~~		:''Press release - Bank of England - 1 October 2024.''


	~~:<span style="color:#4B0082">'''''Wind-down of LIBOR'''''</span>~~

	:"We are proposing to require LIBOR’s administrator, IBA, to continue to publish the 1-, 3- and 6-month US dollar LIBOR settings under an unrepresentative ‘synthetic’ methodology until end-September 2024.

	~~:After this, publication would cease permanently.~~

	~~:For sterling LIBOR, we intend to continue to require IBA to publish the 3-month synthetic sterling LIBOR setting until end~~-~~March 2024, after which it will cease permanently.~~

	~~:The effect~~ of ~~these announcements and proposals is that the final LIBOR publication would be end-September 2024:~~

	~~:*the 3 synthetic yen LIBOR settings will cease at end-2022~~
	~~:*the 1- and 6-month synthetic sterling LIBOR settings will cease at end-March 2023~~
	~~:*the overnight and 12-month US dollar LIBOR settings will cease at end-June 2023~~
	~~:*the 3-month synthetic sterling LIBOR setting will cease at end~~-~~March 2024~~
	~~:*the~~ 1~~-, 3- and 6-month synthetic US dollar LIBOR settings would cease at end-September~~ 2024"

	~~:''Further consultation and announcements on the wind-down of LIBOR - Financial Conduct Authority - 23 November 2022~~.''


	== See also ==		== See also ==
	* [[Alternative Reference Rates Committee]] (ARRC)		* [[Alternative Reference Rates Committee]] (ARRC)
			* [[Bank of England]]
	* [[Benchmark]]		* [[Benchmark]]
	* [[Financial Conduct Authority]] (FCA)		* [[Financial Conduct Authority]] (FCA)
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	* [[USD]]		* [[USD]]
	* [[Wholesale]]		* [[Wholesale]]



	==Other resources==		==Other resources==

			*[https://www.bankofengland.co.uk/news/2024/october/the-end-of-libor The end of LIBOR - Press release - Bank of England - 1 October 2024]
	*[https://www.fca.org.uk/news/news-stories/3-month-synthetic-sterling-libor-1-month-go#:~:text=FCA%20issues%20final%20message%20before,permanently%20on%2028%20March%202024. Synthetic USD LIBOR to cease at end-September 2024 - Financial Conduct Authority - 29 February 2024]		*[https://www.fca.org.uk/news/news-stories/3-month-synthetic-sterling-libor-1-month-go#:~:text=FCA%20issues%20final%20message%20before,permanently%20on%2028%20March%202024. Synthetic USD LIBOR to cease at end-September 2024 - Financial Conduct Authority - 29 February 2024]

Doug: Update for FCA's confirmation of synthetic cessation end-September 2024.

2024-03-11T18:06:43Z

Update for FCA's confirmation of synthetic cessation end-September 2024.

← Older revision		Revision as of 18:06, 11 March 2024
Line 3:		Line 3:
	USD LIBOR ceased publication at the end of June 2023.		USD LIBOR ceased publication at the end of June 2023.

	A temporary synthetic USD LIBOR has been put in place to support the transition of legacy transactions that have not yet transferred to an appropriate replacement risk-free rate, such as SOFR.		A temporary synthetic USD LIBOR has been put in place until September 2024 to support the transition of legacy transactions that have not yet transferred to an appropriate replacement risk-free rate, such as SOFR.


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	:*the overnight and 12-month US dollar LIBOR settings will cease at end-June 2023		:*the overnight and 12-month US dollar LIBOR settings will cease at end-June 2023
	:*the 3-month synthetic sterling LIBOR setting will cease at end-March 2024		:*the 3-month synthetic sterling LIBOR setting will cease at end-March 2024
	:*the 1-, 3- and 6-month synthetic US dollar LIBOR settings would cease at end-September 2024 ~~(proposed)~~ "		:*the 1-, 3- and 6-month synthetic US dollar LIBOR settings would cease at end-September 2024"

	:''Further consultation and announcements on the wind-down of LIBOR - Financial Conduct Authority - 23 November 2022.''		:''Further consultation and announcements on the wind-down of LIBOR - Financial Conduct Authority - 23 November 2022.''
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	==~~External links~~==		==Other resources==
			*[https://www.fca.org.uk/news/news-stories/3-month-synthetic-sterling-libor-1-month-go#:~:text=FCA%20issues%20final%20message%20before,permanently%20on%2028%20March%202024. Synthetic USD LIBOR to cease at end-September 2024 - Financial Conduct Authority - 29 February 2024]

	*[https://www.newyorkfed.org/arrc Alternative Reference Rates Committee - about us]		*[https://www.newyorkfed.org/arrc Alternative Reference Rates Committee - about us]

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	*[https://www.fca.org.uk/news/news-stories/changes-libor-as-of-end-2021 Changes to LIBOR as of end-2021 - Financial Conduct Authority]		*[https://www.fca.org.uk/news/news-stories/changes-libor-as-of-end-2021 Changes to LIBOR as of end-2021 - Financial Conduct Authority]

			[[Category:Financial_products_and_markets]]

	[[Category:Financial_products_and_markets]]		[[Category:Financial_products_and_markets]]

Doug: Update for cessation - source - ACT blog 15 Aug 2023 - https://www.treasurers.org/hub/blog/the-end-of-usd-libor

2023-09-09T19:54:19Z

Update for cessation - source - ACT blog 15 Aug 2023 - https://www.treasurers.org/hub/blog/the-end-of-usd-libor

← Older revision		Revision as of 19:54, 9 September 2023
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	''Benchmark interest rates - LIBOR''.		''Benchmark interest rates - LIBOR''.

	USD LIBOR ~~provides~~ an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in USD.		USD LIBOR ceased publication at the end of June 2023.

			A temporary synthetic USD LIBOR has been put in place to support the transition of legacy transactions that have not yet transferred to an appropriate replacement risk-free rate, such as SOFR.


			USD LIBOR provided an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in USD.


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	== See also ==		== See also ==
			* [[Alternative Reference Rates Committee]] (ARRC)
	* [[Benchmark]]		* [[Benchmark]]
	* [[Financial Conduct Authority]] (FCA)		* [[Financial Conduct Authority]] (FCA)
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	==External links==		==External links==
			*[https://www.newyorkfed.org/arrc Alternative Reference Rates Committee - about us]

	*[https://www.fca.org.uk/news/news-stories/further-consultation-announcements-wind-down-libor Further consultation and announcements on the wind-down of LIBOR - Financial Conduct Authority - 23 November 2022]		*[https://www.fca.org.uk/news/news-stories/further-consultation-announcements-wind-down-libor Further consultation and announcements on the wind-down of LIBOR - Financial Conduct Authority - 23 November 2022]

	*[https://www.fca.org.uk/news/news-stories/changes-libor-as-of-end-2021 Changes to LIBOR as of end-2021 - Financial Conduct Authority]		*[https://www.fca.org.uk/news/news-stories/changes-libor-as-of-end-2021 Changes to LIBOR as of end-2021 - Financial Conduct Authority]

	[[Category:Financial_products_and_markets]]		[[Category:Financial_products_and_markets]]

imported>Doug Williamson: Add links.

2022-12-28T11:50:49Z

Add links.

← Older revision		Revision as of 11:50, 28 December 2022
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	* [[Setting]]		* [[Setting]]
	* [[SOFR]]		* [[SOFR]]
			* [[Synthetic]]
			* [[Synthetic LIBOR]]
	* [[United States]]		* [[United States]]
	* [[Unsecured]]		* [[Unsecured]]

imported>Doug Williamson: Add quote - source - FCA - https://www.fca.org.uk/news/news-stories/further-consultation-announcements-wind-down-libor

2022-12-27T17:25:59Z

Add quote - source - FCA - https://www.fca.org.uk/news/news-stories/further-consultation-announcements-wind-down-libor

@@ Line 15: / Line 15: @@
 :''Changes to LIBOR as of end-2021 - Financial Conduct Authority.''
@@ Line 33: / Line 52: @@
-==External link==
+==External links==
 *[https://www.fca.org.uk/news/news-stories/changes-libor-as-of-end-2021 Changes to LIBOR as of end-2021 - Financial Conduct Authority]
 [[Category:Financial_products_and_markets]]

imported>Doug Williamson: Update for 2023 end date.

2022-04-14T15:56:01Z

Update for 2023 end date.

@@ Line 1: / Line 1: @@
-''LIBOR''.
+''Benchmark interest rates - LIBOR''.
 USD LIBOR provides an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in USD.
 == See also ==
+* [[Benchmark]]
 * [[LIBOR]]
 * [[United States]]
 * [[USD]]
 [[Category:Financial_products_and_markets]]

imported>Doug Williamson: Create page. Sources: linked pages.

2018-12-01T18:29:35Z

Create page. Sources: linked pages.

New page

''LIBOR''.

USD LIBOR provides an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in USD.

== See also ==

* [[LIBOR]]
* [[United States]]
* [[USD]]

[[Category:Financial_products_and_markets]]