
JSCC to aid yen Libor transition with new OIS swaps
Market participants sceptical launch will boost liquidity enough to help move off yen Libor

The Japan Securities Clearing Corporation (JSCC) will launch a new set of Tokyo overnight average rate (Tonar) swaps for clearing this month, to aid the swaps market’s transition away from the yen Libor benchmark. But some market participants are sceptical the move will produce enough extra liquidity.
In December 2016, Japan’s central bank-led working group chose Tonar as the official alternative risk-free rate (RFR) to replace yen Libor in yen-denominated financial contracts.
Liquidity in
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