The International Swaps and Derivatives Association today published a consultation paper outlining plans to amend its standard documentation to implement fallbacks for certain key interbank offered rates in the event that an IBOR is permanently discontinued.
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.
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.
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.
The Federal Reserve Bank of New York will begin publishing the Secured Overnight Financing Rate, or SOFR, on April 3, the bank announced today.
Used for nearly half a century, Libor underpins more than $350 trillion of financial products. As regulators and the industry plan for its replacement, how will banking change?
The Federal Reserve today announced plans to publish three new reference rates for use in U.S. dollar derivatives and financial contracts starting in the second quarter of 2018.
While the London Interbank Offer Rate, or Libor, will continue to be supported by reporting banks until 2021, Federal Reserve Governor Jerome Powell today cautioned that “we do not think market participants can safely assume” that Libor will remain viable beyond that date.
The Federal Reserve today asked for public comment on a proposal for the Federal Reserve Bank of New York to publish three new reference rates for use in U.S. dollar derivatives and financial contracts.