In aggregate, LCH SwapClear has successfully converted approximately 600,000 USD LIBOR contracts with notional value of $45tr.
May 23, 2023Steering Committee proposes to have a period of active transition until 30 April 2024, before banks initiate an industry-wide automatic conversion process around June 2024.
March 16, 2023Mandatory clearing requirements will instead apply to interest rate swaps referencing SARON, TONA, €STR, SOFR and SORA.
August 16, 2022The MAS Recommended Rate is the fallback rate that will apply to outstanding SOR-based business loans and derivatives when Fallback Rate (SOR) is discontinued after end-2024.
July 20, 2022The extension will encourage further development of the SORA derivatives market and deepen liquidity in longer tenors of SORA OIS.
June 21, 2022Declining liquidity in the SOR-SORA basis swap market is causing difficulties in pricing adjustment spreads used to covert legacy SOR contracts to SORA-based contracts.
May 19, 2022MAS proposes to enhance the disclosures regarding possible interest rate changes, while also allowing for borrower acknowledgements to be obtained digitally.
November 19, 2021LCH is switching its discount curves and PAI rate on SGD-denominated cleared swaps from SOR to SORA on 9 August.
August 8, 2021Guidance is offered on wholesale markets, corporate loans, derivatives, bonds and retail loans. A public education campaign will start in September 2021.
July 30, 2021The interbank option trade was executed to manage market risk arising from a SORA interest rate option, which was also an industry first.
June 1, 2021