Forthcoming cessation of all LIBOR settings

LIBOR, one of the most used benchmarks globally, will soon cease to be published. The European legislative framework regulating financial benchmarks (Regulation (EU) 2016/10111 ) has been recently amended2 granting the European Commission powers to accompany the transition away from LIBOR in the European Union. Nevertheless, significant reliance on any of the LIBOR settings at the time of their discontinuation or loss of representativeness may have an impact on the functioning of the European financial system. In order to ensure a smooth transition away from LIBOR, market participants are encouraged to actively reduce their exposure to LIBOR and not wait for the exercise by the European Commission of its new powers to designate a replacement for LIBOR pursuant to Article 23b of Regulation (EU) 2016/1011. 

The entire statement can be found here.