SFIG Submits Response to FRB Request for Information Relating to Production of Rates

On Monday, October 30th, SFIG's LIBOR Task Force members submitted comments to the Federal Reserve Board's (FRB) request for information related to three potentially new reference rates based on overnight repurchase agreement transactions secured by Treasuries. The Secured Overnight Financing Rate (SOFR), the most comprehensive of the rates, was selected by the Alternative Reference Rates Committee as its recommended alternative to U.S. dollar LIBOR.

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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