Banks wrap up Libor loose ends
After years of preparation, banks saw a smooth transition to SOFR and other alternative rates.
Browsing: Reference rates
CFPB issues interim final rule for Libor transition
CFPB: The updated rule will “facilitate the orderly transition of those consumer loans that currently use the Libor index to other indices.”
ARRC approves best practices document for Term SOFR use
The Alternative Reference Rates Committee has approved a document containing best practice recommendations for using the CME Group’s Term SOFR rates, which the ARRC endorsed in 2021.
ARRC issues statement on recommended fallbacks for hardwired fallback language
The Alternative Reference Rates Committee today released a paper formally stating its selections and recommendations as the “relevant governmental body” as they apply to the contractual provisions included in the ARRC’s recommended hardwired fallback language
Libor transition communications solution launched
The Depository Trust and Clearing Corporation this week announced the launch of the Libor Benchmark Replacement Index solution to support the industry’s transition from Libor benchmark rates to Secured Overnight Financing Rate Data and other new fallback rate indices by June 30.
Fannie, Freddie announce Libor transition plans
Fannie Mae and Freddie Mac today announced plans to transition legacy Libor loans and securities to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative.
Fed adopts final rule implementing Libor Act
The Federal Reserve today adopted a final rule that implements the Adjustable Interest Rate Act by identifying benchmark rates based on the Secured Overnight Financing Rate that will replace Libor in certain financial contracts after June 30, 2023.
ARRC survey: Good progress on Libor business loan transition, continued action needed
Most respondents indicated they have documented remediation plans in place and highlighted plans to actively transition their Libor loans.
ARRC publishes playbook to support transition from legacy Libor cash products
The Alternative Reference Rates Committee today released a playbook to help support the transition away from legacy Libor cash products.
ARRC issues recommendations for contracts linked to USD Libor ICE swap rate
The Alternative Reference Rates Committee today issued recommendations for contracts linked to U.S. dollar Libor Intercontinental Exchange Swap Rates. These recommendations include a suggested fallback formula that can be used for USD Libor ISR fixings after three-month USD Libor has been discontinued or becomes non-representative.