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MNI BRIEF: US Regulators Step Up LIBOR Transition Process

(MNI) WASHINGTON

The Federal Reserve and other regulators on Monday laid out a path to move away from LIBOR contracts by the end of 2021 to "promote the safety and soundness of the financial system."

ICE Benchmark Administration will consult in early December 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, it said.

The banking agencies encourage banks to stop entering into new USD-LIBOR-based contracts by the end of 2021, as doing so "creates safety and soundness risks."
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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