![Risk.net](https://www.risk.net/sites/default/files/styles/print_logo/public/2018-09/print-logo.png?itok=1TpHrpuP)
Libor webinar playback: traders hope for liquidity catalysts
Panellists from JP Morgan, Morgan Stanley and Tradeweb discuss "make or break" year for transition
The panel
Ivan Jossang, managing director, fixed income division, Morgan Stanley.
Bhas Nalabothula, head of European interest rate derivatives, Tradeweb.
Tom Prickett, co-head of rates trading for Europe, Middle East and Africa, JP Morgan.
Duncan Wood, global editorial director, Risk.net.
The coming six months are a “make or break” period in the Libor transition project, according to participants in this Risk.net webinar – originally broadcast on June 23, as part of Libor Virtual Week.
Liquidity has been growing in instruments linked to new risk-free rates – but not rapidly enough to feel confident about the market’s ability to cope with Libor’s possible cessation at the end of 2021.
Markets are now approaching several potential tipping-points that could each add liquidity and momentum to RFR trading – notably, the adoption of RFR discounting by euro and US dollar swap clearing houses, the same move in non-cleared collateral agreements, and the much-anticipated release of the protocol that will re-hitch Libor derivatives positions to the RFRs once the old benchmark ceases publication.
Traders from JP Morgan and Morgan Stanley joined Tradeweb to assess the impact each of these changes will have. And JP Morgan’s Prickett called out the “elephant in the room” that is holding back adoption of RFRs in the swaptions market – the lack of depth in RFR futures, a key hedging instrument for non-linear traders.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Markets
Full amount trading picks up as dealers improve pricing
As much as 70% of volumes at some FX venues are now traded as full amounts rather than in slices
FX algo users change tack to navigate market doldrums
BestX data finds traders ditching TWAP in favour of more opportunistic execution styles
Marex plots interest rate clearing push
UK broker is live on LCH and plans to be a “day one” clearing member on FMX
Dealers bruised by surprise renminbi vol surge
Rush to re-hedge USD/CNH exotics left banks in grip of painful short gamma squeeze
HSBC loses FX forwards market share with EU funds
Counterparty Radar: UK bank reported 6% drop in notional volumes with Ucits funds in H2 last year
After the selloff, competing theories on dealer gamma
Tier1 Alpha sees $74 billion short gamma catalyst; SG says rapid return to positive territory had calming effect
Bitcoin ETFs drive demand for borrowing in crypto markets
Mismatch between cash and crypto settlement cycles creates pre-funding challenge
New fee plans for FXGO rile dealers
Bloomberg plans to charge spot FX market-makers from next year