On 28 July 2023, the Financial Stability Board (FSB) published its final reflections on the LIBOR transition.

The end of June 2023 marked the end of the remaining USD LIBOR panel. Only three of the US dollar LIBOR settings will continue in a synthetic form after June 2023 and are intended to cease at end-September 2024. In addition, reform of other interest rate benchmarks and related transition efforts have either been completed or are near their planned conclusion.

In the post transition landscape, the FSB would like to emphasise the following messages:

  • The FSB continues to encourage firms to consider their choice of reference rates and use benchmarks that are robust, suitable, sustainable, and compatible with relevant guidance and regulation.
  • Market participants should continue to incorporate robust contractual fallbacks.

The FSB will continue to monitor the reference rate environment, including the ongoing use of Term risk-free rates and credit sensitive rates, with the benefit of ongoing insights from IOSCO.