Intercontinental Exchange, Inc. (NYSE:ICE) today announces that ICE Benchmark Administration Limited (IBA) will consult on its intention to cease the publication of the one week and two month USD LIBOR settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023.

This follows the announcement on November 18, 2020, that IBA would consult on its intention to cease the publication of all GBP, EUR, CHF and JPY LIBOR settings immediately following the LIBOR publication on December 31, 2021.

In July 2017, the UK Financial Conduct Authority (FCA) said that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. Since then, the FCA and other official sector bodies have strongly advised end-users of the need to transition from LIBOR by December 31, 2021. IBA has engaged with end-users, panel banks, the FCA and other official sector bodies regarding the potential for continuing certain widely-used LIBOR settings after December 31, 2021, where necessary to support transition.

Based on feedback and information received from the panel banks, and following discussions with the FCA and other official sector bodies, IBA expects, in early December 2020, to consult on its intention to cease the publication of:

• the one week and two month USD LIBOR settings immediately following the LIBOR publication on December 31, 2021; and
• the overnight and one, three, six and 12 month USD LIBOR settings immediately following the LIBOR publication on June 30, 2023.

IBA expects to close the consultation for feedback by the end of January 2021.

ICE stresses that today’s announcement must not be taken to be an announcement that IBA will continue or cease the publication of any LIBOR settings after the LIBOR publication on December 31, 2021 or June 30, 2023.