The UK FCA is seeking views on winding down the 1, 3 and 6-month synthetic sterling LIBOR settings.
The FCA announces that the six most widely used GBP and JPY settings will be published using a changed methodology from today.
From 1 January 2022, 24 of the 35 LIBOR settings, which relate to specific currencies and time periods, will no longer be available.
Refinitiv will cease the publication of settings of Tokyo Swap Rate (for swaps referencing 6-month JPY interbank offered rates from London banks).
Standard Chartered has successfully completed its first Trade Loan transaction in Hong Kong referencing the USD SOFR.
Refinitiv launches USD IBOR Institutional Cash Fallbacks in production to facilitate industry transition from USD LIBOR.
The AMERIBOR Term-30 benchmark is designed to serve as “plug in and play” replacement for One-Month LIBOR.
LCH SwapAgent has processed trades in alternative reference rates across CHF, EUR, GBP, JPY and USD.
Six months following the launch of Refinitiv Term SONIA benchmark there has been significant client adoption of the rate.
The FCA encourages LPs in the sterling non-linear derivatives market to adopt new quoting conventions based on SONIA from 11 May.