FCA: Libor contract changes shouldn’t trigger margin rules
Moving from Libor to an RFR shouldn’t force margin requirement on legacy non-cleared trades, says UK regulator
Legacy swap contracts shifting from Libor to a new reference rate will not fall into scope of new margining requirements, the UK’s financial regulator has indicated, bringing relief to dealers that feared an unwelcome hike in costs.
With Libor set to wind down after 2021, regulators and market participants are examining ways to transition existing Libor-referencing swaps to instead refer to other
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