First all-RFR cross-currency swap traded

Goldman Sachs and Morgan Stanley strike landmark €STR v SOFR trade

euro dollar - Getty.jpg
A trading first: the EUR/USD trade was reported to the DTCC's repository on November 21

Goldman Sachs and Morgan Stanley are believed to have transacted the first cross-currency swap to use new risk-free rates for both legs of the trade – a fresh landmark in attempts to cast off the Libor family of reference rates.

The EUR/USD trade was reported to the Depository Trust & Clearing Corporation’s (DTCC) repository on November 21, but in a slightly confusing fashion. Spokespeople for Goldman and Morgan Stanley each confirmed their bank had executed the swap on that date.

The two-year

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