Clock auctions: a stitch in time for Libor?

Haoxiang Zhu
31 May 2021

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March 5, 2021 wasn’t quite the Ides of March, but nonetheless, it set the scene for a historic end – the date that determined Libor’s demise.

The Financial Conduct Authority (FCA) announced that for euro, Swiss franc, yen and sterling Libor – and for one-week and two-month US dollar tenors – final publication would be on December 31, 2021.

The end-date for one-month, three-month, six-month and 12-month dollar Libor, was set for June 30, 2023.

In their place, market-agreed fallbacks, such as

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