LCH sets €STR swap clearing launch date

Clearing house to offer the swaps from October 21, discounted at Eonia

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LCH will start clearing swaps linked to the European Central Bank’s new euro overnight risk-free rate from October 21, the UK clearing house has announced.

The move follows Frankfurt-based Eurex Clearing, which said in July it would begin clearing swaps linked to the euro short-term rate (€STR) from November 18.

Traders say clearing €STR swaps is an important step in weaning the euro market off Eonia, which authorities plan to phase out.

“We’re looking forward to this product being available

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