EU Amends Clearing Rules Ahead Of Libor Transition

By Najiyya Budaly (November 18, 2021, 2:39 PM GMT) -- The European Union's markets watchdog is updating rules that define which derivatives must be cleared, in order to provide certainty for counterparties when the tarnished Libor interest-rate benchmark is discontinued in December, it announced on Thursday.

The European Securities and Markets Authority said it will modify which contracts are subject to the clearing and derivative trading obligations. The rules force counterparties to an over-the-counter derivatives contract to centrally clear their trades to help prevent market abuse in unlisted securities.

Contracts that refer to the London Interbank Offered Rate are being phased out by the end of the year when Libor will no...

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