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FCA Compels the Publication of ‘Synthetic’ USD LIBOR
April 6, 2023After USD LIBOR stops being published on June 30, 2023, “synthetic” USD LIBOR will continue to be published for a limited period, according to the UK’s Financial Conduct Authority (“FCA”). The FCA said that the “synthetic” version of USD LIBOR will not be a “representative” rate provided by panel banks but instead would be based on the CME Term SOFR Rate plus the same credit spread adjustment used for legacy contracts by ISDA and the Alternative Reference Rates Committee (“ARRC”).
