A major phase in the LIBOR cessation came on December 31, 2021 when the publication of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month U.S. dollar settings ended.
The remaining five U.S. dollar LIBOR settings will continue to be calculated using panel bank submissions until June 30, 2023, although new use of U.S. dollar LIBOR has been banned, with limited exceptions. The FCA is recommending that firms focus on converting their legacy U.S. dollar LIBOR contracts by mid-2023.
“We will continue to monitor the impact of these changes, and the progress of remaining transition work, working closely with the Bank of England and our international counterparts,” the FCA stated.