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js-view-dom-id-260c74eeac92aa0461d0ce7fb31ed97d4cc9b6f4f71eceee9e129157119ade21"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/authorisation-menu" hreflang="en">Authorisation</a></li> <li class="menu--item"><a href="/about/how-we-regulate/enforcement" hreflang="en">Enforcement</a></li> <li class="menu--item"><a href="/about/how-we-regulate/handbook" hreflang="en">Handbook of rules and guidance</a></li> <li class="menu--item"><a href="/about/how-we-regulate/international-standards-regulations" hreflang="en">International standards and regulations</a></li> <li class="menu--item"><a href="/about/how-we-regulate/supervision" hreflang="en">Supervision</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">How we operate</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-9bbb95b076ebedb668c17dd60363e0fe853d9a5257b5f5665a27ea60f7746d4c"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/about/how-we-operate/complain-about-regulators" hreflang="en">Complain about us, the PRA or the Bank of England (the regulators)</a></li> <li class="menu--item"><a href="/about/how-we-operate/corporate-responsibility" hreflang="en">Corporate responsibility</a></li> <li class="menu--item"><a href="/about/how-we-operate/diversity-equity-inclusion" hreflang="en">Diversity, equity and inclusion</a></li> <li class="menu--item"><a href="/about/how-we-operate/environmental-sustainability" hreflang="en">Environmental sustainability</a></li> <li class="menu--item"><a href="/about/how-we-operate/who-work-with" hreflang="en">Who we work with</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Who we are</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-6638f141bc411fcfe3e39d9f6ab10a437e949af32f3349bde511d915bc5035ca"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/about/who-we-are/chair" hreflang="en">Chair</a></li> <li class="menu--item"><a href="/about/who-we-are/chief-executive" hreflang="en">Chief Executive</a></li> <li class="menu--item"><a href="/about/who-we-are/committees" hreflang="en">Committees</a></li> <li class="menu--item"><a href="/about/who-we-are/executive-committees" hreflang="en">Executive committees</a></li> <li class="menu--item"><a href="/about/who-we-are/fca-board" hreflang="en">FCA Board</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Join us</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-919802f44a4877cc75c28167b32eb5720ca110dcdfdcfe545c397a3249075ea4"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/careers-home" hreflang="en">Careers home</a></li> <li class="menu--item"><a href="/careers/early-careers" hreflang="en">Early careers</a></li> <li class="menu--item"><a href="/careers/experienced-professionals" hreflang="en">Experienced professionals</a></li> </ul> </div> </div> </div> </div> </div> <div class="views-element-container form-group"><div class="megamenu-footer view view-megamenu-footer view-id-megamenu_footer view-display-id-block js-view-dom-id-6e84f5b2e1cfa0e51f63046fa25601b27f937668d791a64e5e9b1e6804a0e556"> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </li> <li class="tb-megamenu-item level-1 mega dropdown col-xs-12 col-sm-2 mega-menu__level-one-item mega-menu__firms"> <a href="/firms" class="dropdown-toggle mega-menu__level-one-link" data-drupal-link-system-path="node/2886">Firms</a> <div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_block_contextual dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="views-element-container form-group"><div class="megamenu-promo view view-megamenu-promo-content view-id-megamenu_promo_content view-display-id-block js-view-dom-id-79a088dfa1d9c2602cc54841cdbb091b59ec215aedb750f23b0e343b5ce94fa7"> <h3 class="promo-block__title heading__underline">Firms overview</h3> <div class="view-content"> <div class="views-row"><div class="promo-block__copy"><p>Go to our dedicated section to see support for firms and our latest policy updates.</p> <p> </p> </div><a href="/firms" class="promo-block__read-more btn btn--arrow-right" aria-label="Firms overview - Find out more">Find out more</a></div> </div> </div> </div> <div class="megamenu-categories"> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><a href="/firms/authorisation" hreflang="en">Firm authorisation</a></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-f588d6957c2e4a7f129d2602eb352ea5f1c7363bb235261f5a3156b63b5b50af"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/authorisation" hreflang="en">Authorisation</a></li> <li class="menu--item"><a href="/firms/authorisation/cancel" hreflang="en">Cancelling an authorisation or registration</a></li> <li class="menu--item"><a href="/firms/check-if-firm-authorised" hreflang="en">Check if a firm is authorised</a></li> <li class="menu--item"><a href="/firms/authorisation/apply" hreflang="en">How to apply for authorisation or registration</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Regulated firms</span></h4><div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_firms_types js-view-dom-id-23d0c3f9f4e24ea1b18dad2a0713904fb76d291b0686a6a38fd0c4e98ad24a5c dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="megamenu-categories"> <div class="item-list firms-types"> <ul> <li class="menu--item"><a href="/firms" hreflang="en">All firms</a></li> <li class="menu--item"><a href="/firms/claims-management-companies" hreflang="en">Claims management companies</a></li> <li class="menu--item"><a href="/firms/consumer-credit" hreflang="en">Consumer credit firms</a></li> <li class="menu--item"><a href="/firms/electronic-money-payment-institutions" hreflang="en">Electronic money and payment institutions</a></li> <li class="menu--item"><a href="/firms/funeral-plan-providers-intermediaries" hreflang="en">Funeral plan providers and intermediaries</a></li> <li class="menu--item"><a href="/firms/innovation" hreflang="en">Innovation Hub</a></li> <li class="menu--item"><a href="/firms/mutual-societies" hreflang="en">Mutual societies</a></li> </ul> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Tasks for firms</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-b3adc264d482dca1966f293a74a55de4a119692b545e3418be653ab838a851d1"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/approved-persons" hreflang="en">Approved persons</a></li> <li class="menu--item"><a href="/firms/change-control" hreflang="en">Change in control</a></li> <li class="menu--item"><a href="/firms/fees" hreflang="en">Fees and levies</a></li> <li class="menu--item"><a href="/firms/firm-details" hreflang="en">Keeping your firm's details up to date</a></li> <li class="menu--item"><a href="/firms/appointed-representatives-principals" hreflang="en">Principals and appointed representatives </a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><a href="/firms/consumer-duty" hreflang="en">Focus areas</a></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-ace7bb1181d8bc6058eabcd25f70c5e858232c48c75bfb0e1ee2598b3b4d5cb6"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/consumer-duty" hreflang="en">Consumer Duty</a></li> <li class="menu--item"><a href="/firms/cost-living-firm-information" hreflang="en">Cost of living: firm information</a></li> <li class="menu--item"><a href="/firms/cryptoassets-information" hreflang="en">Cryptoassets</a></li> <li class="menu--item"><a href="/firms/access-to-cash" hreflang="en">Helping people access cash</a></li> <li class="menu--item"><a href="/firms/regulatory-framework-reforms" hreflang="en">Regulatory framework reforms</a></li> <li class="menu--item"><a href="/firms/senior-managers-certification-regime" hreflang="en">Senior Managers and Certification Regime </a></li> </ul> </div> </div> </div> </div> </div> <div class="views-element-container form-group"><div class="megamenu-footer view view-megamenu-footer view-id-megamenu_footer view-display-id-block js-view-dom-id-bec400204336526615849c253134440d63e4eadb46aba993e023a7d6d60c8bde"> <div class="view-content"> <div style="background-image: url(https://www.fca.org.uk/sites/default/files/styles/no_style/public/media/images/megamenu-banner-consumer-duty-350_78.jpg?itok=5eIJffZC);" class="megamenu-footer__image" > </div> <div class="views-row"><div class="megamenu-footer__copy"><p class="megamenu-footer__title">Consumer Duty </p> <p>We're hosting events to help firms prepare for the new rules. Sign up to hear about these and related communications.</p> </div><a href="/sign-consumer-duty-email-updates" class="megamenu-footer__read-more btn btn--arrow-right" aria-label="Consumer Duty - Sign up">Sign up</a></div> </div> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </li> <li class="active active-trail tb-megamenu-item level-1 mega dropdown col-xs-12 col-sm-2 mega-menu__level-one-item mega-menu__markets"> <a href="/markets" class="dropdown-toggle mega-menu__level-one-link active-trail" data-drupal-link-system-path="node/2891">Markets</a> <div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_block_contextual dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="views-element-container form-group"><div class="view view-megamenu-promo-content view-id-megamenu_promo_content view-display-id-block js-view-dom-id-e8d059cafaa741522c6a2a0a710c1a37ff8b702bc524d99598c88d20b9962c07"> </div> </div> <div class="megamenu-categories"> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Primary markets</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-a2b6954f2fe1c7ada580b57dc8436441c58adcb24913641a88d75905f3185a1d"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/markets/primary-markets/forms" hreflang="en">Forms and checklists</a></li> <li class="menu--item"><a href="/markets/primary-markets/knowledge-base" hreflang="en">Knowledge Base</a></li> <li class="menu--item"><a href="/markets/primary-markets/listing-applications" hreflang="en">Listing applications and cancellations</a></li> <li class="menu--item"><a 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<div class="node-content__wrapper node-content__wrapper--border"> <section class="copy-highlighted copy-block component fca-colour--6c1d45 default"> <div class="container"> <p>The interest rate benchmark LIBOR has permanently ceased.</p> </div> </section> <div class="rhn__on-this-page visible-xs rhn__on-this-page--markets"> <button class="rhn__button"> <h2 class="h3">On this page <img src="/themes/custom/fca/images/document-blue.svg" alt=""></h2> </button> <ul class="nav navbar-nav"><li><a href="#section-background-to-libor-being-wound-down">Background to LIBOR being wound down</a></li><li><a href="#section-transition-to-alternative-risk-free-rates">Transition to alternative risk-free rates</a></li><li><a href="#section-international-coordination-on-benchmark-reform">International coordination on benchmark reform</a></li></ul> </div> <section id="section-background-to-libor-being-wound-down" class="copy-block fca-innovation"> <div class="container"> <p>Before end-2021, LIBOR was produced in 7 tenors (overnight/spot next, 1 week, 1-month, 2-month, 3-month, 6-month and 12-month) across 5 currencies. Each of these LIBOR settings was based on submissions provided by a panel of banks.</p> <p>These submissions were intended to reflect the interest rate at which banks could borrow money on unsecured terms in wholesale markets. All LIBOR panels have ended and all 35 LIBOR settings have now permanently ceased.</p> <p>Following the final publication of the 3-month synthetic sterling LIBOR setting on 28 March 2024, all sterling LIBOR settings permanently ceased.</p> <p>The overnight and 12-month US dollar LIBOR settings permanently ceased at the end of June 2023.</p> <p>The 1-month, 3-month and 6-month synthetic US dollar LIBOR settings were the final remaining LIBOR settings. These settings were published for the final time on 30 September 2024. This marked the end of LIBOR overall. </p> <h2>Background to LIBOR being wound down</h2> <p paraeid="{d63b83fb-d7f2-40f2-83bf-cbd42a481290}{224}" paraid="247527188">In 2017, the FCA and the <a href="https://www.bankofengland.co.uk/-/media/boe/files/record/2017/financial-policy-committee-meeting-september-2017" target="_blank" rel="noreferrer noopener">Financial Policy Committee</a> (FPC) noted that it had become increasingly apparent that the absence of active underlying markets and the scarcity of term unsecured deposit transactions raised serious questions about the <a href="https://www.fca.org.uk/news/speeches/the-future-of-libor" target="_blank" rel="noreferrer noopener">future sustainability of the LIBOR benchmarks</a>. </p> <p paraeid="{d63b83fb-d7f2-40f2-83bf-cbd42a481290}{224}" paraid="247527188">The LIBOR panel banks agreed to continue submitting to LIBOR until end-2021 (later extended to end-June 2023 for US dollar LIBOR only), to enable time for the market to move away from LIBOR. </p> <p paraeid="{d63b83fb-d7f2-40f2-83bf-cbd42a481290}{224}" paraid="247527188">In March 2021, the <a href="https://www.fca.org.uk/news/press-releases/announcements-end-libor" target="_blank" rel="noreferrer noopener">FCA</a> and <a href="https://ir.theice.com/press/news-details/2021/ICE-Benchmark-Administration-Publishes-Feedback-Statement-for-the-Consultation-on-Its-Intention-to-Cease-the-Publication-of-LIBOR-Settings/default.aspx" target="_blank" rel="noreferrer noopener">ICE Benchmark Administration</a>  (the administrator of LIBOR) announced that sterling, euro, Swiss franc and Japanese yen LIBOR panels, as well as panels for 1-week and 2-month US dollar LIBOR, will cease at end-2021, with the remaining US dollar LIBOR panels ceasing at end-June 2023. </p> <p paraeid="{d63b83fb-d7f2-40f2-83bf-cbd42a481290}{224}" paraid="247527188">We <a href="https://www.fca.org.uk/news/press-releases/further-arrangements-orderly-wind-down-libor-end-2021" target="_blank" rel="noreferrer noopener">confirmed our decision to use powers</a> to use powers, which the Government granted us under the Benchmarks Regulation, to require continued publication on a changed methodology (also known as a 'synthetic') basis for the 1-month, 3-month and 6-month sterling LIBOR settings and, until end-2022, the same Japanese yen LIBOR settings. These synthetic LIBOR rates were not intended for use in new contracts, but were available for some holders of 'legacy' LIBOR-referencing contracts. </p> <p paraeid="{d63b83fb-d7f2-40f2-83bf-cbd42a481290}{224}" paraid="247527188">In September 2022, we <a href="https://www.fca.org.uk/news/statements/fca-decision-cessation-1-6-month-synthetic-sterling-libor" target="_blank" rel="noreferrer noopener">confirmed</a> that publication of 1-month and 6-month synthetic sterling LIBOR would be required until end-March 2023, after which these settings would cease permanently.   </p> <p paraeid="{d63b83fb-d7f2-40f2-83bf-cbd42a481290}{224}" paraid="247527188">In November 2022, we <a href="https://www.fca.org.uk/news/news-stories/further-consultation-announcements-wind-down-libor" target="_blank" rel="noreferrer noopener">announced</a> that we intended to compel the publication of 3-month synthetic sterling LIBOR until end-March 2024, after which it would cease permanently. We also published a <a href="https://www.fca.org.uk/publications/feedback-statements/fs23-2-decisions-us-dollar-libor-feedback-cp22-21" target="_blank" rel="noreferrer noopener">consultation</a>  on our proposals to use our powers to require continued publication of the 1-month, 3-month, and 6-month US dollar LIBOR settings under a synthetic methodology for a temporary period until end-September 2024. </p> <p paraeid="{d63b83fb-d7f2-40f2-83bf-cbd42a481290}{224}" paraid="247527188">In April 2023, we <a href="https://www.fca.org.uk/news/news-stories/fca-announces-decision-synthetic-us-dollar-libor" target="_blank" rel="noreferrer noopener">announced</a> that we intended to compel the publication of the 1-month, 3-month and 6-month US dollar LIBOR settings under a synthetic methodology until end-September 2024 for use in all legacy contracts other than cleared derivatives. In May 2023, we published a detailed <a href="https://www.fca.org.uk/publications/feedback-statements/fs23-2-decisions-us-dollar-libor-feedback-cp22-21" target="_blank" rel="noreferrer noopener">Feedback Statement</a> setting out our response to the feedback received to our November consultation.</p> <div class="well">We have previously asked parties to contracts that were referencing LIBOR to transition to robust, appropriate reference rates, re-negotiating with counterparties where necessary. As we said previously, we did not want to see transition to so-called 'credit sensitive' rates (CSRs) which have the potential to reintroduce many of the financial stability risks associated with LIBOR. We ask that any UK regulated market participants looking to use CSRs in UK-based business consider the risks carefully and raise with their FCA supervisors before doing so. We also expect UK regulated benchmark administrators to continue to notify us in advance if they intend to administer CSRs and make them available for use in the UK. </div> </div> </section> <section id="section-transition-to-alternative-risk-free-rates" class="expandable-content component fca-innovation"> <h2>Transition to alternative risk-free rates</h2> <div class="nav nav-stacked component component--expandable" id="expandable947581"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable947576" aria-expanded="false"> <p> More on transition work with market participants and the RFR Working Group </p> </a> <div id="expandable947576" class="collapse"> <div class="expandable-body copy-block"> <p>Alongside the Bank of England, we have worked closely with market participants to support the move away from LIBOR in sterling markets, particularly through the <a href="https://www.bankofengland.co.uk/markets/transition-to-sterling-risk-free-rates-from-libor/working-group-on-sterling-risk-free-reference-rates">Working Group on Sterling Risk-Free Reference Rates (RFR Working Group)</a>.</p> <p>In April 2017, the RFR Working Group <a href="https://www.bankofengland.co.uk/news/2017/april/sonia-recommended-as-the-sterling-near-risk-free-interest-rate-benchmark">recommended</a> a reformed version of the <a href="https://www.bankofengland.co.uk/markets/sonia-benchmark">Sterling Overnight Index Average</a> (<a href="https://www.bankofengland.co.uk/markets/sonia-benchmark">SONIA) benchmark</a> as its preferred near Risk-Free Rate (RFR) for sterling markets. This rate is administered by the Bank of England. Following its recommendation, the RFR Working Group led a broad-based transition to SONIA in sterling bond, loan and derivatives markets. The RFR Working Group published a <a href="https://www.bankofengland.co.uk/-/media/boe/files/markets/benchmarks/rfr/rfr-working-group-roadmap.pdf?la=en&hash=92D95DFA056D7475CE395B64AA1F6A099DA6AC5D">roadmap</a> for completion of the transition away from sterling LIBOR. </p> <p>SONIA offers a robust alternative to LIBOR. The rate is based on overnight interest rates in wholesale markets, so is close to a risk-free measure of borrowing costs. The rate is robust and anchored to an active and liquid underlying market. It can be compounded over a lending period to produce a term interest rate. There are a <a href="https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/join-the-revolution-why-it-makes-business-sense-to-move-on-from-libor-speech-by-andrew-hauser.pdf?la=en&hash=300FC737B7BD085F8BC09E14F63C2C68EE7011E9">number of advantages to borrowers</a> and other market participants from using near RFRs, compounded as appropriate.</p> </div> </div> </div> </div> </section> <section id="section-international-coordination-on-benchmark-reform" class="expandable-content component fca-innovation"> <h2>International coordination on benchmark reform</h2> <div class="nav nav-stacked component component--expandable" id="expandable947591"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable947586" aria-expanded="false"> <p> Global work and LIBOR alternatives by jurisdiction </p> </a> <div id="expandable947586" class="collapse"> <div class="expandable-body copy-block"> <p>The Financial Stability Board’s (FSB) Official Sector Steering Group (OSSG) coordinates international efforts on benchmark reform and the transition from LIBOR to RFRs. The OSSG is co-chaired by Nikhil Rathi, Chief Executive of the FCA, and John Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York.</p> <p>The FSB published a <a href="https://www.fsb.org/2020/10/fsb-publishes-global-transition-roadmap-for-libor/" rel="noreferrer noopener" target="_blank">global transition roadmap for LIBOR</a> with actions for financial and non-financial sector firms to take to ensure a smooth LIBOR transition.</p> <h3>RFRs recommended as alternatives to LIBOR</h3> <table border="1" cellpadding="0" cellspacing="0" class="table-striped"> <tbody> <tr> <th valign="top"> <p align="center"><strong>Jurisdiction</strong></p> </th> <th valign="top"> <p align="center"><strong>Working Group</strong></p> </th> <th valign="top"> <p align="center"><strong>Alternative Ref Rate Name</strong></p> </th> <th valign="top"> <p align="center"><strong>Administrator</strong></p> </th> <th valign="top"> <p align="center"><strong>Collateralisations</strong></p> </th> <th valign="top"> <p align="center"><strong>Description</strong></p> </th> </tr> <tr> <td valign="top"> <p align="center"><strong>United States of America</strong></p> </td> <td valign="top"> <p align="center"><a href="https://www.newyorkfed.org/arrc/index.html">Alternative Reference Rates Committee</a></p> </td> <td valign="top"> <p align="center"><a href="https://apps.newyorkfed.org/markets/autorates/sofr">Secured Overnight Financing Rate (SOFR)</a></p> </td> <td valign="top"> <p align="center">Federal Reserve Bank of New York</p> </td> <td valign="top"> <p align="center">Secured</p> </td> <td valign="top"> <p>Secured rate that covers multiple overnight repo market segments</p> </td> </tr> <tr> <td valign="top"> <p align="center"><strong>United Kingdom</strong></p> </td> <td valign="top"> <p align="center"><a href="https://www.bankofengland.co.uk/markets/transition-to-sterling-risk-free-rates-from-libor">Working Group on Sterling Risk-Free Reference Rates</a></p> </td> <td valign="top"> <p align="center"><a href="https://www.bankofengland.co.uk/markets/sonia-benchmark">Sterling Overnight Index Average (SONIA)</a></p> </td> <td valign="top"> <p align="center">Bank of England</p> </td> <td valign="top"> <p align="center">Unsecured</p> </td> <td valign="top"> <p>Unsecured rate that covers overnight wholesale deposit transactions</p> </td> </tr> <tr> <td valign="top"> <p align="center"><strong>Switzerland</strong></p> </td> <td valign="top"> <p align="center"><a href="https://www.snb.ch/en/ifor/finmkt/fnmkt_benchm/id/finmkt_reformrates">The National Working Group on CHF Reference Rates</a></p> </td> <td valign="top"> <p align="center"><a href="https://www.six-group.com/exchanges/indices/data_centre/swiss_reference_rates/reference_rates_en.html">Swiss Average Rate Overnight (SARON)</a></p> </td> <td valign="top"> <p align="center">SIX Exchange</p> </td> <td valign="top"> <p align="center">Secured</p> </td> <td valign="top"> <p>Secured rate that reflects interest paid on interbank overnight repo rate</p> </td> </tr> <tr> <td valign="top"> <p align="center"><strong>Japan</strong></p> </td> <td valign="top"> <p align="center"><a href="https://www.boj.or.jp/en/paym/market/sg/index.htm/">Study Group on Risk-Free Reference Rates</a></p> </td> <td valign="top"> <p align="center"><a href="https://www.boj.or.jp/en/paym/market/sg/index.htm/">Tokyo Overnight Average Rate (TONAR)</a></p> </td> <td valign="top"> <p align="center">Bank of Japan</p> </td> <td valign="top"> <p align="center">Unsecured</p> </td> <td valign="top"> <p>Unsecured rate that captures overnight call rate market</p> </td> </tr> <tr> <td valign="top"> <p align="center"><strong>Euro area</strong></p> </td> <td valign="top"> <p align="center"><a href="https://www.esma.europa.eu/policy-activities/benchmarks/working-group-euro-risk-free-rates">Working Group on Euro Risk-Free Rates</a></p> </td> <td valign="top"> <p align="center"><u>Euro short-term rate</u><br> <a href="https://www.ecb.europa.eu/paym/initiatives/interest_rate_benchmarks/euro_short-term_rate/html/index.en.html">(€STR)</a></p> </td> <td valign="top"> <p align="center">European Central Bank</p> </td> <td valign="top"> <p align="center">Unsecured</p> </td> <td valign="top"> <p>Unsecured rate that captures overnight wholesale deposit transactions</p> </td> </tr> </tbody> </table> </div> </div> </div> </div> </section> <div class="node_view"></div> <div id="revisions" class="page-revisions container"> <button class="h3 page-revisions__title" aria-expanded="false">Page updates</button> <div class="view view-page-update-revision-logs view-id-page_update_revision_logs view-display-id-revision_log js-view-dom-id-c201f3bffdf63add34a688ab4c42b9c29d98e473c5c3ca3fcc78a266e71c0805"> <div class="view-content"> <div class="views-row"><span class="views-field views-field-changed"><span class="field-content"><time datetime="2024-10-01T11:17:53+01:00">01/10/2024</time> : </span></span><span class="views-field views-field-fca-log"><strong class="field-content">Information changed</strong></span><span class="views-field views-field-revision-log"><span class="field-content"> following the end of LIBOR.</span></span></div> <div class="views-row"><span class="views-field views-field-changed"><span class="field-content"><time datetime="2024-04-02T16:13:17+01:00">02/04/2024</time> : </span></span><span class="views-field views-field-fca-log"><strong class="field-content">Information added</strong></span><span class="views-field views-field-revision-log"><span class="field-content"> 3-month Synthetic Sterling LIBOR has ceased.</span></span></div> <div class="views-row"><span class="views-field views-field-changed"><span class="field-content"><time datetime="2023-01-09T17:43:06+00:00">09/01/2023</time> : </span></span><span class="views-field views-field-fca-log"><strong class="field-content">Editorial 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unrepresentative</span></span></div> <div class="views-row"><span class="views-field views-field-changed"><span class="field-content"><time datetime="2021-12-10T15:44:25+00:00">10/12/2021</time> : </span></span><span class="views-field views-field-fca-log"><strong class="field-content">Information added</strong></span><span class="views-field views-field-revision-log"><span class="field-content"> following FS21/12 publication</span></span></div> <div class="views-row"><span class="views-field views-field-changed"><span class="field-content"><time datetime="2021-09-29T10:42:06+01:00">29/09/2021</time> : </span></span><span class="views-field views-field-fca-log"><strong class="field-content">Information added</strong></span><span class="views-field views-field-revision-log"><span class="field-content"> confirmed our decision to use new powers for certain legacy contracts</span></span></div> <div class="views-row"><span class="views-field views-field-changed"><span 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