SFIG Executive Director Participates at ARRC’s LIBOR Roundtable

Today, November 2nd, the Alternative Reference Rates Committee (ARRC) hosted a public roundtable at the Federal Reserve Bank of New York. The event covered both the work of the ARRC to date, including its recent recommendation of the Secured Overnight Financing Rate (SOFR) as an alternative rate to U.S. dollar LIBOR, and details of its paced transition plan. On one of the Roundtable panels, moderated by Monique Rollins (Acting Assistant Secretary, Office of Financial Markets, U.S. Department of the Treasury), SFIG Executive Director, Richard Johns, joined leaders from other trade associations to discuss how market participants in many cash products, including loans, notes, and securitizations, are addressing risks in legacy contract documentation around LIBOR and how they may seek to move forward in any transition.

As described earlier in this Newsletter, on October 30th, SFIG's LIBOR Task Force submitted a response to the Federal Reserve Board's request for information related to three potentially new reference rates, including SOFR. SFIG's comments included broad consensus to support the development of new benchmarks while highlighting several potential issues, including the need for the development of a term curve as well as a few operational concerns. If you would like to join the LIBOR Task Force, please contact Michael.Williams@sfindustry.org.

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