Following a positive reception from potential users Refinitiv is set to go live with Term SONIA benchmark supporting LIBOR migration.
The ICE benchmark administrator will consult on intentions to stop publication of all GBP, EUR, CHF, and JPY Libor settings after December next year.
CFTC releases no-action letters offering further relief for clearing organisations during Libor transition
The two no-action letters will offer swap transaction and pricing data reporting relief to clearing organisations transitioning to SOFR.
Data arm of Tradition will publish spreads between AMERIBOR, SOFR and EFFR via Refinitiv, Bloomberg and its own data feeds.
The latest no-action letters issues by the CFTC follow the regulator’s move to provide market participants relief in December.
Eurex has cleared the first USD SOFR swaps with JP Morgan and LBBW in latest development for the benchmark transition process.
New data from the Investment Association reveals that 70% of asset managers reduced exposure to Libor in 2019.
ICE Benchmark Administration has started publishing beta term SONIA rates for testing, using data from BGC, TP ICAP, and Tradition’s Trad-X central limit order books.
Market participants have been told that despite disruption, the transition away from Libor is still targeted for the end of 2021.
Despite Libor being due to cease at the end of 2021, UK authorities have set out a timeline for the shift to the Sonia benchmark throughout this year.