The Federal Reserve Board (“FRB”) rarely issues denials for applicants to become members of the Federal Reserve System. Senator Elizabeth Warren has even criticized the FRB for their number of approvals – although in the...more
On June 8, 2022, the New York State Department of Financial Services (“NYDFS”) released industry guidance applicable to U.S. dollar-backed stablecoins issued by NYDFS-regulated entities (the “Guidance”)...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) ,
Bank Loan Markets ,
Broker-Dealer ,
CFTC ,
Compliance ,
End-Users ,
Federal Reserve ,
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Interest Rates ,
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Libor ,
Liquidity ,
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