The Depository Trust and Clearing Corporation today announced the launch of the Libor Benchmark Replacement Index solution to support the industry’s transition from Libor benchmark rates to Secured Overnight Financing Rate Data and other new fallback rate indices by June 30. Market participants will be able to access the solution through DTCC’s Legal Notice System, or LENS—a repository of notices designed to report organizational actions that affect securities issues from issuers, agents and trustees—as well as through an automated data feed that will support machine-to-machine capture of standardized reference data.
Users will be able to view information for over 100,000 debt securities whose rate is currently based on USD Libor and leverage LENS to disseminate the new alternative indices, with bulk upload capabilities, DTCC said. Subscribers can also use the solution to stay informed on Libor replacement rate information submitted by issuers, trustees and agents. In a statement, the Alternative Reference Rates Committee welcomed the new tool. “Maintaining and conveying accurate information about chosen alternative reference rates and convention changes is critical for a successful transition,” ARRC said.