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FCA confirms rules for legacy use of synthetic libor rates

Although 5 US dollar libor settings will continue to be calculated by panel bank submission until end-June 2023, the FCA has also confirmed that the use of US dollar libor will not be allowed in most new contracts written after 31 December 2021

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The FCA has confirmed it will allow the temporary use of ‘synthetic’ sterling and yen libor rates in all legacy libor contracts, other than cleared derivatives, that have not been changed at or ahead of end-31 December 2021.

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