Replacing Libor: weary swaps market eyes long to-do list

New timeline focuses minds on product and contract gaps – but some end-users want to stay put

For the past year, banks have been badgering clients to comply with new margining rules for non-cleared over-the-counter derivatives – an exercise that by some estimates has required hundreds of thousands of documents to be amended, and is finally drawing to a close.

It looks likely to be a brief respite. On July 27, the UK’s Financial Conduct Authority (FCA) announced it would no longer compel banks to support the Libor family of interest rates from the end of 2021, raising the possibility th

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