The UK’s Financial Conduct Authority (“FCA”)—the regulator of the ICE Benchmark Administration, the administrator of LIBOR—has said that all sterling, Swiss franc, euro and Japanese yen LIBOR settings will cease or no longer be representative after year-end 2021. The FCA also said that the settings for one-week and two-month USD LIBOR will also cease or will be non-representative after year-end 2021. The remaining USD LIBOR tenors will cease or be non-representative after June 30, 2023. Importantly, while USD LIBOR will continue to exist after the end of 2021, this is only for pre-existing “legacy” contracts. The U.S. banking regulators have said that banks should not originate new LIBOR contracts after the end of 2021.


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Good Friday…no SOFR?

Earlier this month the New York Fed announced that there will be no SOFR rate published on or for Friday, April 7th even though April…

CLOs: No Conflicts…But Big Problems

March 30, 2023 - On Monday, the LSTA submitted the first of three letters responding to the SEC’s Proposed Rule on “Conflicts of Interest in…