Barclays, HSBC held $12trn of Libor swaps on eve of cessation

Both banks made significant progress over 2021, but more remains to be done

Barclays and HSBC held around $11.6 trillion of swaps notional referencing Libor as of December 31 – the retirement day for most fixings in the tarnished benchmark.

The bulk of it was in contracts referencing US dollar Libor, with around £5.5 trillion ($7.2 trillion) sitting on Barclays’ books and $2.5 trillion on HSBC’s.

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