CCPs’ successful Libor switch raises hopes for sterling move

Optimism follows hitch-free conversion of cleared yen, Swiss franc and euro Libor swaps to RFRs

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Last weekend’s smooth clearing house swap conversion moving yen, Swiss franc and euro Libor swaps onto the relevant risk-free rates has given market participants confidence that the sterling equivalent later this month will follow suit.

The transition on December 4 and 5 saw more than 100,000 contracts at LCH referencing the three Libor currencies, totalling $6 trillion, switch to the designated replacement rates. Japan Securities Clearing Corporation saw 140,000 cleared yen swaps convert to

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