LCH clears first €STR swaps
LCH has become the first CCP to offer clearing of swaps benchmarked to the new European Central Bank euro short-term reference rate, €STR.
The service is already active. LBBW and Morgan Stanley were among the first participants to clear derivatives using the new rate, which began to be published in early October.The ECB’s working group on euro risk-free rates has recommended that market participants no longer enter into new contracts referencing ...
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