LIBOR transition—FAQs and glossary
LIBOR transition—FAQs and glossary

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • LIBOR transition—FAQs and glossary
  • When is LIBOR ceasing to be published and what is the transition timetable?
  • When is LIBOR ceasing to be published?
  • What is the timeframe for transition in the UK?
  • What are risk-free rates and are they the only option to replace LIBOR?
  • What are risk-free rates (RFRs)?
  • Where can I find detailed information about risk-free rates for a particular LIBOR currency?
  • Are risk-free rates the only possible replacement for LIBOR?
  • What are conventions?
  • What are fallbacks?
  • More...

This Practice Note is intended as an introductory guide to LIBOR transition. It aims to answer some of the most frequently asked questions on LIBOR transition, explain and put key terminology into context, and provide links to more detailed information.

Other key materials on LIBOR transition are:

  1. Practice Note: LIBOR transition: this provides a more detailed guide to issues surrounding LIBOR transition

  2. the LIBOR developments tracker sets out developments in each LIBOR currency

  3. Practice Note: Interest provisions in risk-free rate based loan agreements provides information on drafting a risk-free rate (RFR) based loan agreement

  4. Practice Note: LIBOR transition—legislative solutions to tough legacy contracts explains the legislative solutions put forward in the US, UK and EU to deal with the issue of tough legacy contracts following the cessation of LIBOR

  5. Practice Note: ISDA IBOR Fallbacks Supplement and Protocol provides information on what the ISDA IBOR Fallbacks Supplement and Protocol are and the effects of adhering, or not, to the Protocol

When is LIBOR ceasing to be published and what is the transition timetable?

When is LIBOR ceasing to be published?

The Financial Conduct Authority (FCA) has confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative immediately after 31 December 2021, with the exception of USD LIBOR overnight and one, three, six and 12 months tenors, which will cease

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