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.