IntercontinentalExchange gets notice from FCA on cessation of U.S. Dollar LIBOR

Intercontinental Exchange noted the final announcement from the U.K. Financial Conduct Authority, or FCA, regarding the cessation of U.S. dollar LIBOR. The FCA has confirmed that it will not use its powers under the U.K. Benchmarks Regulation, or BMR, to compel ICE Benchmark Administration, or IBA, the authorized and regulated administrator of LIBOR, to continue to publish the 1-, 3- and 6-Month “synthetic” U.S. dollar LIBOR settings after September 30. Accordingly, the FCA has issued a final announcement reminding users that these final three remaining LIBOR settings will cease after publication on this date. No new LIBOR settings will be published following September 30.