NLP sniffs out contracts harbouring Eonia as fallback

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The task of hefting an estimated $350 trillion in financial contracts off Libor could get a hand from natural language processing (NLP), which is being used to streak through thousands of documents for signs of Eonia, another rate headed for extinction.

Synechron, a New York fintech and consultant firm, recently completed a test for a top-tier investment bank using NLP techniques that sifted through 4,000 contracts underpinning euro-denominated transactions, including swaps and repos. The

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