As market participants prepare to submit comments on the recent proposal of the UK’s Financial Conduct Authority (the “FCA”) (available here) to require the temporary publication of a “synthetic” 1-, 3- and 6-month USD LIBOR,...more
On August 25, the LSTA published its Term SOFR Concept Document (the “Term SOFR Concept Document”)—the latest addition to its suite of SOFR-based Concept Documents.
The Term SOFR Concept Document was prepared in response...more
As expected, on July 28, 2021, the Alternative Reference Rates Committee (ARRC) formally recommended the CME’s SOFR Term Rate. The SOFR Term Rate is known in advance of the related interest period and provides an indicative,...more
This past Monday, July 26, marked passage of the most recent major milestone in the replacement of LIBOR as the benchmark USD interest rate. Following the recommendation of the CFTC’s Market Risk Advisory Committee (MRAC)...more
7/29/2021
/ Brokers ,
CFTC ,
Financial Conduct Authority (FCA) ,
Governor Cuomo ,
ICE Benchmark Administration (IBA) ,
Interest Rates ,
Lending ,
Libor ,
New Legislation ,
New York ,
Secured Overnight Funding Rate (SOFR) ,
UK