On July 29, 2021, the Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve formally announced and recommended1 CME Group’s forwardlooking Term Secured Overnight Financing Rate (“Term SOFR”) rates.2 Important...more
This is an update to a previous post. This update highlights the formal endorsement of Term SOFR by the ARRC, expands the discussion to include Ameribor and dives more deeply into the issues associated with Term SOFR swaps...more
8/4/2021
/ Alternative Reference Rates Committee (ARRC) ,
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Secured Overnight Funding Rate (SOFR)
Wednesday, the ARRC announced (HERE) the expectation to endorse CME’s Term SOFR in late July or early August. One of the bigger pieces to this announcement is the announcement that U.S. regulators will also permit Term SOFR...more
Last Friday, the IBA published its Feedback Statement on Consultation on Potential Cessation.
The relevant dates regarding cessation are the same in the November request for comment – i.e., all LIBOR settings will either...more