LCH Consultation on Conversion of Outstanding Cleared USD LIBOR® Contracts – Extension of Response Deadline

On 29^th April 2022, LCH Ltd (“LCH) issued LCH Circular No 4206 (https://www.lch.com/membership/ltd-membership/ltd-member-updates/lch-consultation-conversion-outstanding-cleared-usd) which announced the launch of LCH’s consultation regarding the treatment of our outstanding cleared USD LIBOR contracts at or around the Index Cessation Effective Date[1] and their potential conversion into (or replacement with) corresponding SOFR-based contracts. The consultation document is available on LCH’s website (LCH_USD LIBOR Conversion_Consultation.pdf) and supporting materials used for Members and Clients briefings are available to Members here [LCH.Clearnet Group - Secure Area - Secure (lchclearnet.com)] and to Clients here [LCH.Clearnet Group - Secure Area - Secure (lchclearnet.com)]. Instructions on how to respond are provided in the consultation document itself.

LCH hereby announces an extension of the response deadline for this consultation. LCH now requests responses to be submitted by 10^th June 2022. LCH strongly encourages SwapClear users to respond to this consultation and to express their opinion on our proposed approach in order that we have the widest set of feedback on which to proceed with next steps.

Any solution will be subject to risk governance review and regulatory non-objection.

Should you have any comments or questions, or if you require further information, please do not hesitate to contact USDConversion@lseg.com.

[1] As defined in ISDA’s Fallbacks Supplement.