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The Collaborative Market Data Network
Serving Transparency in Capital Markets
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Market Data Network

FCA AND BOE ENCOURAGE MARKET PARTICIPANTS SWITCH TO SOFR FOR USD IR SWAP FROM 26 .7

Post Date: 16 June 2021

Following close engagement with market participants, and to support the US-led ‘SOFR First’ initiative, the FCA and Bank of England support and encourage liquidity providers in the US dollar linear interest rate swaps market to adopt new trading conventions for interdealer trading based on SOFR instead of LIBOR from 26 July this year. This is to facilitate a shift in market liquidity towards SOFR, bringing benefits for a wide range of users as they move away from LIBOR.

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