The UK Financial Conduct Authority (FCA) has issued a reminder of the expected cessation of the remaining synthetic US dollar LIBOR settings at the end of September 2024.

It’s now 3 months to go until the 1-, 3- and 6-month synthetic US dollar LIBOR settings are expected to cease after publication on Monday 30 September 2024.

These are the last remaining synthetic LIBOR settings and the last remaining LIBOR settings overall. Their cessation will mark the final milestone in the transition away from LIBOR.

In line with the FCA April 2023 announcement and further to its recent decision, it has required ICE Benchmark Administration Limited (IBA) to continue to publish the 1-, 3- and 6-month US dollar LIBOR settings in synthetic form until the end of September 2024.

The FCA has no intention to use our powers to compel IBA to continue to publish the settings beyond this date.

Market participants with outstanding US dollar LIBOR exposures must make sure they are prepared for these remaining synthetic US dollar LIBOR settings to cease by the expected deadline.

Parties to contracts still referencing US dollar LIBOR should be taking steps to transition to appropriate, robust reference rates, renegotiating with counterparties where necessary.