Following regulatory guidance and global reform to improve the robustness and integrity of financial benchmarks, regulators have signalled the need to transition away from the London Inter-bank Offered Rate (“LIBOR”). As part of the reform, the UK Financial Conduct Authority (“FCA”) announced on July 2017 that banks would no longer be compelled to submit to LIBOR after the end of 2021.

On 5 March 2021, the ICE Benchmark Administration Limited (“IBA”) formally announced that all LIBOR settings will cease to be provided permanently or will no longer be representative after 31 December 2021.

Across jurisdictions, regulators have proposed alternative benchmark rates which are more robust and less volatile to replace LIBOR as set out in the table below.

Currency	LIBOR Benchmark	Alternative Rate
GBP	GBP LIBOR	Sterling Overnight Index Average (SONIA)
USD	USD LIBOR	Secured Overnight Financing Rate (SOFR)
EUR	EUR LIBOR	Euro Short-Term Rate (€STR)
CHF	CHF LIBOR	Swiss Average Rate Overnight (SARON)
JPY	JPY LIBOR	Tokyo Overnight Average Rate (TONA)