Update on LCH’s Solution for USD LIBOR® Contracts submitted for registration at LCH subsequent to the completion of LCH’s 2023 Conversion Processes

Dear SwapClear Participant,

Further to Circular No 4235 [1], and as recently notified via Rates Service Updates, LCH Limited (LCH) confirms that the solution for USD LIBOR SwapClear Contracts [2] submitted for registration at LCH subsequent to the completion of LCH’s Conversion processes in 2023, each a legacy swap [3] that satisfies the time limited eligibility criteria articulated in Circular No 4235, will no longer be available following the operational cut-off time on Friday 27 June 2025.

The process described herein remains subject to risk governance and legal and regulatory review.

If you have any questions, please contact RatesClientServices@lch.com. 

Kind regards,

Sales & Relationship Management, Rates Service

Footnotes

[1]  https://www.lseg.com/en/post-trade/clearing/membership/ltd-membership/ltd-member-updates/statement-lchs-solution-usd-liborr-contracts-submitted

[2]  “SwapClear Contract” includes an “FCM SwapClear Contract” for the purposes of this circular. SwapClear Contract and FCM SwapClear Contract have the meanings assigned to them in the General Regulations or FCM Regulations (as applicable) and made available at https://www.lch.com/resources/rulebooks/lch-limited.

[3]  “legacy swaps” mean those transactions executed prior to 1st July 2023.