Regulatory Alerts2021-07-13
Added · Updated
PS21/13: LIBOR transition and the derivatives trading obligation
The Financial Conduct Authority amends the UK regulatory technical standards on the derivatives trading obligation (DTO) to remove derivatives referencing GBP LIBOR and replace them with overnight indexed swaps (OIS) referencing SONIA. These amendments apply to SONIA OIS with trade start types of spot-starting and IMM (next 2 IMM dates) and tenors of 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 15, 20, 25, and 30 years. The changes come into force on 20 December 2021 and affect financial and certain non-financial counterparties subject to the DTO. The Authority will continue to monitor liquidity in USD and EUR products to determine if further amendments to the DTO scope are required.
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