Libor
The committee’s dismissal signals that the six-year transition process is drawing to a close, but some Libor use subsists
Users face up to benchmark cessation in final US dollar currency, but resistance subsists in some corners of the market
Sources say the FCA’s decision to extend the benchmark’s use in certain tenors reflects the failure to transition all contracts before the June deadline
Despite many bumps in the road, US market participants are largely well-prepared ahead of the benchmark’s discontinuation on June 30
Lary Stromfeld of Cadwalader, Wickersham & Taft outlines the challenges of transitioning legacy contracts away from US dollar Libor
Andrew Fei of King & Wood Mallesons discusses Libor transition progress in Asia, and the choice between ‘forward-looking’ and ‘backward-looking’ SOFR benchmark rates
Within days from one another, the FCA and the Fed made announcements related to the future of USD Libor, sowing further confusion among market participants
The FCA has confirmed the cessation of two synthetic Libor settings in March next year, taking another step towards the benchmark’s full cessation
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