July 6, 2023 (NO COMMENTS)

Dealers have ramped up efforts to switch their stock of US Libor-referencing swaptions to the secured overnight financing rate, or SOFR, amid rising fears about the complexity of physical delivery and deadlines set by clearing houses for acceptance of legacy Libor positions. Nine dealers transitioned a chunk of swaptions on June 29, using a new service from Capitalab that replaces their Libor contracts with like-for-like SOFR positions. David Briggs, a salesperson at Capitalab, says the firm