Market will welcome FCA’s proposals on LIBOR

KPMG comments on the latest proposals on the LIIBOR transition.

KPMG comments on the latest proposals on the LIIBOR transition.

James Lewis, UK LIBOR Lead, KPMG, SAYS: “Over four years after the end of LIBOR was first announced, today the regulator proposes the use of a synthetic LIBOR for many legacy Sterling and Yen products, bar cleared derivatives, from January 2022. This will provide a much needed safety net for users with LIBOR contracts and will be a relief to many market participants. However, whilst the regulator’s proposals acknowledge the difficultly, complexity and scale of the LIBOR transition, the extension is not indefinite and so the pressure on firms to move away from LIBOR remains.”


*See the FCA press release here: Further arrangements for the orderly wind-down of LIBOR at end-2021 | FCA

For further media information contact:

KPMG Media Relations:

Tel: +44 (0) 207 694 8773


Helen Jackson (Wed – Fri)

Tel: +44 (0)118 3731 479

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. 

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