LCH completes $45tn Libor transition
Of the $45tn, $43tn was converted on the weekend of 19 May
Libor represents the market rate for borrowing between banks, but it was tarnished by a rigging scandal that came to light in 2012
SOPA Images/LightRocket via Getty ImagesWith a little more than a month until US Libor ends, only a sliver of contracts now refer to the rate set for extinction.
LCH SwapClear reported moving $45tn worth of interest rate swaps contracts to Sofr this past weekend, the replacement rate for Libor.
Over two weekends 21 April and 19 May, the clearing arm of the London Stock Exchange...
