JSCC to aid yen Libor transition with new OIS swaps

Market participants sceptical launch will boost liquidity enough to help move off yen Libor

tokyo-night-1-web
Night moves: but will JSCC action be enough to boost liquidity?

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: