BBA Announces Changes to LIBOR

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On June 12, the British Bankers’ Association (BBA) published a press release announcing changes to the London Interbank Offered Rate (LIBOR). The reforms follow the publication of the Wheatley Review in September 2012, and include:

  • From July 1, the publication of BBA LIBOR individual panel banks’ daily submissions for USD, EUR, GBP, CHF and JPY will be embargoed for three months. The daily calculation and publication of BBA LIBOR fixing rates will continue unaffected. The rates for a whole month at a time will be published at the beginning of the fourth month; the first delayed release of individual bank submissions will be provided on the first business day of November 2013.
  • The publication of “same day” EURO LIBOR rates for one week and one month will cease from July 31. These two rates were supplemental to the “spot” EUR LIBOR rates for all seven LIBOR tenors, which will continue as usual. Press Release.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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