LIBOR and benchmarks

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This Overview signposts key materials on LIBOR and benchmark reform, linking practitioners to regulatory developments, documentation and disputes.

Benchmarks underpin pricing, valuation and risk management across loans, bonds and derivatives. Following misconduct findings and reduced submissions, LIBOR was declared unrepresentative and publication ended (most settings on 31 December 2021; USD on 30 June 2023). Under the UK Benchmarks Regulation (retained Regulation (EU) 2016/1011), as amended by the Financial Services Act 2021, the FCA gained powers to designate a critical benchmark, compel a “synthetic” methodology and restrict new use. Synthetic JPY and GBP LIBOR were time‑limited; synthetic USD LIBOR ended in 2024. Markets have transitioned to risk‑free rates, notably SONIA for sterling and SOFR for US dollars.

Key issues include: drafting and operation of fallbacks and amendment mechanics in legacy contracts; the ISDA 2020 IBOR Fallbacks Protocol and credit adjustment spreads; LMA conventions for compounded in arrears SONIA; disclosure; and disputes over interest calculation. Ongoing obligations under the UK BMR include robust written plans for benchmark cessation and oversight of administrator status. Practitioners should monitor FCA statements, notices from ICE Benchmark Administration, and guidance from the Bank of England’s Working...

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