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.
The Securities and Exchange Commission today proposed three new rules aimed at preventing fraud and misconduct in connection with security-based swaps.
The Commodity Futures Trading Commission yesterday temporarily delayed some financial reporting requirements for bank swap dealers.
Today marked the start of the first phase of the Commodity Futures Trading Commission’s “SOFR First” initiative, which it recommended for switching trading conventions from Libor to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative, and by some measures, SOFR swaps accounted for 50% of total activity.
The Alternative Reference Rates Committee today made two significant announcements today. In the first, the ARRC recommended conventions and use cases for employing the forward-looking Secured Overnight Financing Rate term rates that are expected to be formally recommended by the ARRC in the coming days.
In a joint statement today, the Commodities Futures Trading Commission’s Market Participants Division and Division of Market Oversight emphasized to market participants and swap execution facilities the importance of an orderly transition away from Libor.
As part of regulators’ efforts to facilitate the ongoing transition away from Libor, the Commodity Futures Trading Commission’s Market Risk Advisory Committee today recommended “SOFR First” as a market best practice.
The variety of forward-looking term rates now available means that banks will have choices to offer when transitioning from Libor.
The Federal Reserve today finalized new categories of entities under the “financial institution” status under the FDIC Improvement Act’s netting provisions, first promulgated in Regulation EE in 1994.
The Commodity Futures Trading Commission today finalized a rule that exempts from clearing requirements certain swaps entered into by financial holding companies with less than $10 billion in assets.