25.08.22
LIBOR: ICMSA response to FCA’s consultation (CP22/11) regarding winding down ‘synthetic’ sterling LIBOR and US dollar LIBOR
ICMSA has responded on behalf of its members to the FCA’s consultation CP22/11 regarding winding down ‘synthetic’ sterling LIBOR and US dollar LIBOR. The ICMSA response suggests that the FCA should consider carefully the timing and practical impact of any decision to wind down LIBOR on existing legacy transactions which reference sterling and US dollar LIBOR, in order to avoid market disruption and facilitate a smooth transition towards risk free rates.