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LCH will start clearing over-the-counter (OTC) swaps that reference the secured overnight financing rate (SOFR) from mid-July, just two months after US exchange group CME launched futures on the same benchmark seen as major rival to the more established Libor.
According to a regulatory filing seen by FOW, the London Stock Exchange-owned clearing house filed with the Commodity Futures Trading Commission (CFTC) to start clearing overnight index swaps swaps (Fixed vs SOFR); basis swaps (SOFR vs LIBOR); basis swaps (SOFR vs Fed Funds) on...