LCH won’t back single fix for swaptions switch

Clearing house pledges to “support” multiple solutions to discounting problem

LCH and dragon
LCH headquarters in London

Clearing house LCH will not develop an industry-wide method for compensating swaptions holders when the benchmark for interest rate swaps shifts to new risk-free reference rates next year.

A senior figure at the clearer told a conference on October 31 that he viewed the change as a “bilateral issue” to be thrashed out by swaptions counterparties on a case-by-case basis.

The firm’s position will affect the majority of swaptions holders whose contracts reference swaps cleared at LCH.

“I don’t

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