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.

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 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.