LCH cuts to the chase in SOR conversion plan

Proposal would skip interim stage in demise of Singapore’s outgoing rate

Singapore-financial-centre

LCH is proposing to flip its book of cleared Singapore dollar interest rate swaps away from the market’s doomed swap offer rate (SOR) to its replacement – the Singapore overnight rate average (Sora) – some 18 months before the legacy benchmark is axed. Currently, the SOR book at LCH contains trades worth around $300 billion notional.

The plan is an attempt to bypass headaches associated with SOR’s two-step demise. Next year, SOR trades will jump to a different, temporary version of the

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