LIBOR Transition Working Group Content

On July 29, the ARRC issued a formal recommendation for the use of forward-looking term SOFR rates as part of market transition from USD LIBOR. Most tenors of USD LIBOR will cease on June 30, 2023.

This week, the Commodity Futures Trading Commission (CFTC) Market Risk Advisory Committee (MRAC) unanimously adopted a recommendation that the full Commission consider a "SOFR First" plan as a market best practice for derivatives and swaps trading. SOFR First is a phased initiative...

Last week, the UK Financial Conduct Authority (FCA) released a consultation on how to change the calculation methodology for UK sterling and Japanese yen LIBOR rates, which are expected to become unrepresentative after December 31, 2021. The FCA expects that it will compel the ICE...

On June 15, ICI submitted a response to the Financial Conduct Authority (FCA) consultation on how the FCA will use its powers over critical benchmarks, such as LIBOR.

On June 11, members of the Financial Stability Oversight Council discussed LIBOR transition during the open session of their meeting. As a reminder, USD LIBOR is set to cease publication on June 30, 2023 and the Alternative Reference Rate Committee has recommended SOFR, a rate based...

As recently discussed, the UK Financial Conduct Authority (FCA) issued a consultation soliciting feedback on which contracts and financial instruments it should permit to use synthetic LIBOR rates after those rates can no longer be used under their current calculation methodology. The...

This week, the Financial Stability Board (FSB) and IOSCO issued a number of statements on benchmarks, with a goal to support a smooth LIBOR transition. As discussed below, the statements by financial stability policymakers generally urged market participants to accelerate the pace of...

Last week, the UK Financial Conduct Authority (FCA) issued a consultation soliciting feedback on which contracts and financial instruments it should permit to use "synthetic" LIBOR rates after those rates can no longer be used under their current calculation methodology. The...

On Tuesday, the staff of the Securities and Exchange Commission's Division of Investment Management issued a statement on registered fund investments in cash-settled Bitcoin futures traded on CFTC-regulated exchanges ("Bitcoin futures").[1] The statement cautions funds investing in...