.jpg)
Following the successful conversion of GBR LIBOR swap contracts into SONIA this weekend, Susi de Verdelon, Head of SwapClear and Listed Rates at LCH Ltd. said:
“LCH SwapClear successfully converted around 185,000 GBP LIBOR swaps contracts into SONIA this weekend, the risk free rate (RFR) equivalent, representing an aggregate value of £11.3 trillion.
“It’s a great achievement to have completed the final LIBOR conversion event for 2021 seamlessly, enabling a smooth opening of the market on Monday. This effectively closes the door on non-USD LIBOR for the OTC swaps market. It’s a significant milestone for the industry with CHF, EUR, GBP, and JPY LIBORs ineligible for use in cleared swaps beyond 31 December 2021.
“All of this builds upon our work consulting with members earlier in the year and on our recent successful conversion in October of €13 trillion in notional of EONIA swaps contracts to €STR and $6tn of Swiss Franc, Euro and Japanese Yen LIBOR swaps to SARON, €STR and TONA respectively.”
