LCH targets hardwired pre-cessation triggers

LCH-offices-in-Aldgate — LCH headquarters in London

Photo: Brett Gamston

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The largest clearer of interest rate swaps is proposing to automatically flip cleared Libor swaps to alternative fixings if regulators deem the ailing benchmark to be non-representative of underlying markets.

In a consultation on changes to its rule book, released on January 27, LCH is seeking approval from users of its SwapClear service to firm up its procedure for switching benchmarks, amid industry calls for more clarity on the trigger.

“We already have that right [to use alternative rates]

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