ARRC Cites Progress toward "Definitive Endgame" for U.S. Dollar LIBOR
The Alternative Reference Rates Committee ("ARRC") highlighted progress on the transition from the London Inter-Bank Offered Rate ("LIBOR") and identified remaining products still dependent on LIBOR.
In its Progress Report, the ARRC underscored that market participants "will need to materially accelerate" progress on products (particularly in business loans and securitizations) in order "to be adequately prepared" for the LIBOR transition deadline at the end of 2021. The ARRC provided recommended objectives and priorities for market participants.
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