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Comment: Clearinghouses could lead way out of rate-switch black hole

By Jack Schickler ( May 28, 2019, 10:38 GMT | Comment) -- Trillions of euros in financial contracts using a soon-to-be-defunct lending benchmark will face a legal black hole at the end of 2021. An ECB-backed panel of banks hope that clearinghouses and stock exchanges can lead the way in switching to a better reference rate, but regulators still fear the sector is unprepared.An EU benchmark used to set interest rates in trillions of euros of financial contracts needs to disappear by the end of 2021, with the phaseout to have three stages, a working group backed by the European Central Bank working group said on May 15 (see here)....

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