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DTCC Releases LIBOR Benchmark Replacement Index Solution

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The Depository Trust & Clearing Corporation (DTCC) has released a new LIBOR Benchmark Replacement Index solution to support the industry’s transition from LIBOR benchmark rates to Secured Overnight Financing Rate Data (SOFR) as well as other new fallback rate indices by 30 June 2023.

The solution will allow users to view information for over 100,000 debt securities whose rate is currently based on USD LIBOR and disseminate new alternative indices. Market participants can access the solution through DTCC’s Legal Notice System (LENS), a repository of notices designed to report organisational actions that affect securities issues from issuers, agents and trustees, as well as via an automated data feed that will support machine-to-machine capture of standardised reference data.

Ann Marie Bria, managing director, asset services business manager at DTCC, says: “With the solution now live and centrally communicating LIBOR benchmark replacement rates, we are ready to partner with market participant firms as they work to achieve compliance by the June deadline.”

Users benefits of the DTTC solution include a single user interface to communicate all LIBOR index replacement needs for applicable securities, standardised data to streamline communications and enable machine-to-machine interactions, and choice in how to receive the data.

In addition to offering the new LIBOR Benchmark Replacement Index solution, DTCC Data Services will provide data on many of the USD LIBOR-impacted debt securities to market data vendors and subscribed users via automated data feeds, helping the industry prepare for the transition.

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