CME Shifts 335 Billion Pounds of Swaps From Libor in ‘Big Bang’

Clearinghouse CME said it successfully shifted a notional 335 billion pounds ($444 billion) of swaps from sterling Libor to replacement rate SONIA during the “big bang” transition over the weekend.

• “We successfully completed the sterling Libor conversion as planned without any issues,” a company spokesman said in an email
  • The open interest (notional) converted was approximately 356 billion pounds (178 billion pounds single-sided)
• Clearinghouse LCH said previously it would shift about $20 trillion in notional value away from sterling Libor; the firm’s results were not immediately available
• NOTE: Banks Face $30 Trillion Swaps Puzzle Ahead of Libor ‘Big Bang’
• NOTE: ...