
Market dispels fears over USD Libor cross-currency swap shift
Traders confident market convention will shift to RFRs on both legs of deals

Market participants have dismissed concerns about the impact of US dollar Libor’s extended life on the cross-currency swap market – and say it could spur a move to use risk-free rates on both legs of a transaction.
“Cross-currency has been seen as a big problem for a long time. But when you speak to cross-currency traders, they say it’s just an extra basis to trade,” says Phil Lloyd, head of market structure and regulatory customer engagement at NatWest Markets.
The broader industry concerns
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