BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Intercontinental Exchange, Inc. (ICE) said the FCA has confirmed the changed methodology that it will require ICE Benchmark Administration Limited to use to determine the synthetic LIBOR settings. The FCA notified IBA that it has designated six LIBOR settings as Article 23A benchmarks for the purposes of the UK Benchmarks Regulation, with effect from January 1, 2022.
On September 29, 2021, the FCA announced, that in order to help ensure an orderly wind down of the 1-, 3- and 6-Month sterling and Japanese yen LIBOR settings, it will compel IBA to publish these six LIBOR settings under a synthetic methodology for the duration of 2022.
The first non-representative publication of these six synthetic LIBOR settings under the unrepresentative, synthetic methodology will be on January 4, 2022.
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