At the end of 2020, the Intercontinental Exchange announced that ICE Benchmark Administration Limited (IBA) – the administrator of the London Interbank Offered Rates (LIBOR) -  had consulted on its intention to cease the publication of the one, three, six and twelve- month USD LIBOR by June 30, 2023, instead of the original discontinuation target date in December 2021.

This announcement, which will likely result in a delay of LIBOR cessation, was met with general approval and praise by regulators in the U.K. and the U.S. It was perceived as a relief to LIBOR transition efforts that, prior to this announcement, were expected to be disruptive at best or catastrophic at worst.