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LCH completes $45tn Libor transition

Of the $45tn, $43tn was converted on the weekend of 19 May

By Jeremy Chan
Libor represents the market rate for borrowing between banks, but it was tarnished by a rigging scandal that came to light in 2012
Libor represents the market rate for borrowing between banks, but it was tarnished by a rigging scandal that came to light in 2012 Photo: SOPA Images/LightRocket via Getty Images

With a little more than a month until US Libor ends, only a sliver of contracts now refer to the rate set for extinction.

LCH SwapClear reported moving $45tn worth of interest rate swaps contracts to Sofr this past weekend, the replacement rate for Libor.

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