Browsing: Libor

Economy

In just three months since the secured overnight financing rate was published, the number of transactions underlying SOFR on a daily basis has already surpassed the amount of those underlying Libor, Federal Reserve Vice Chairman for Supervision Randal Quarles said during taped remarks at a public roundtable hosted by the Alternative Reference Rates Committee today.

Economy

The Alternative Reference Rates Committee today issued a set of guiding principles for the development of fallback language for new financial contracts for loans, securitizations and floating rate notes to ensure that these contracts will continue to be effective in the event that U.S. dollar Libor ceases to be published.

Economy

With the New York Federal Reserve beginning to publish the Secured Overnight Financing Rate — or SOFR — next week, the American Bankers Association today wrote to the Financial Accounting Standards Board in support of including the overnight index swap rate based on SOFR as a benchmark interest rate for hedge accounting purposes, as an alternative to U.S. dollar Libor.

Economy

The Alternative Reference Rate Committee today issued a second report summarizing its decision to adopt the Secured Overnight Financing Rate — or SOFR —  a broad measure of overnight Treasury financing transactions, as an alternative to U.S. dollar Libor.

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