€STR swap trading gets under way

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HSBC and JP Morgan have struck what is thought to be the first interest rate swap trade linked to the new euro short-term rate (€STR) – a one-week transaction that allowed the two parties to check their ability to execute swaps using the new benchmark.

Swap volumes in the new reference rate are expected to grow rapidly once the products are available for clearing from October 21, with some market participants expecting them to exceed volumes in the doomed Eonia benchmark before the end of this

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