The financial industry is undergoing a significant shift away from the London Interbank Offered Rate (LIBOR). This notice addresses the conversion of certain LIBOR rates within the LCH Limited (LCH) SwapClear and SwapClear FCM services, specifically focusing on the Conversion Eur Gbp. This change is mandated by Regulation 60C and FCM Regulation 48B and will be implemented according to the Floating Rate Conversion Annexes detailed in LCH procedures.
This conversion eur gbp impacts all SwapClear and SwapClear FCM contracts that utilize specific floating rate options for calculating floating amounts. These contracts must be registered with LCH by the close of business in New York on particular dates. For contracts involving CHF, EUR, and JPY LIBOR, the registration deadline was December 3, 2021. For those referencing GBP LIBOR, the deadline was December 17, 2021.
The scope of this conversion eur gbp, and related currencies, applies to contracts using the following “In-Scope Floating Rate Options”:
- EUR-LIBOR-BBA (as defined in ISDA 2000 and 2006 Definitions)
- EUR-LIBOR (as defined in ISDA 2021 Definitions)
- GBP-LIBOR-BBA (as defined in ISDA 2000 and 2006 Definitions)
- GBP-LIBOR (as defined in ISDA 2021 Definitions)
LCH retains the authority to amend, modify, supplement, replace, withdraw, or override this Floating Rate Conversion Notice and its annexes. Such changes will be communicated through official circulars or other appropriate methods determined by LCH. Understanding the implications of this conversion eur gbp is crucial for all parties involved in affected SwapClear and SwapClear FCM contracts. Capitalized terms are defined within the Regulations, FCM Regulations, or the relevant Floating Rate Conversion Annexes.
