LIBOR will cease to exist as a ‘Benchmark’ at the end of 2021. The Benchmark’s regulator, the FCA, has been very clear and consistent in this message.
The process to replace IBORs with Risk-Free Reference Rates (RFRs) is a post-financial crisis plan. It was started by the G20 in 2013, has been driven since by the Financial Stability Board, the FCA, then the Federal Reserve Board (FRB) and ARRC – which was convened in November 2014 – and since by all 16 IBOR regulators, and US regulators including FRB, Federal Reserve Bank of New York, OCC, CFTC, SEC and FDIC amongst others. This is not new news. The regulators have been consistent and clear on the broader LIBOR cessation issues.