Ice Benchmark Administration intends in the coming weeks to begin the process of transitioning LIBOR panel banks to the Waterfall Methodology. LIBOR panel banks will transition on a gradual basis, in order to minimize operational and technology risks. IBA expects the transition to be completed by no later than the first quarter of 2019.
As part of LIBOR’s ongoing development, IBA will continue to work with regulators, banks, market
participants and other stakeholders regarding the future of the benchmark beyond the end of
2021. The UK Financial Conduct Authority has advised that its intention is that it would no longer be
necessary to sustain LIBOR through its influence or legal powers beyond this time. Through this work,
IBA hopes to identify a framework to seek to continue to publish the LIBOR rates that are critical to the
global financial system and which banks are willing to support, alongside the alternative risk-free rates
that are being developed.