The results of a new survey concerning the implication of market volatility on the transition from LIBOR showed that participants are progressing on "operation[s], risk, infrastructure, systems re-tooling, interactions with critical third parties, [and] meeting governance guidelines."
The Alternative Reference Rates Committee extended the comment deadline for a consultation seeking feedback on the Committee's recommended spread adjustment methodologies for cash products referencing USD LIBOR.
The Federal Reserve Bank of New York, in cooperation with the Treasury Office of Financial Research, began publishing Secured Overnight Financing Rate compound averages for tenors of 30, 90 and 180 days as well as a SOFR Index.
The New York State Department of Financial Services extended the deadline for regulated entities to submit their plans to address the end of LIBOR and the associated risks. The deadline was extended to March 23, 2020.
The European Supervisory Authorities made final revisions to report on bilateral Margin Regulatory Technical Standards requirements in order to align with the Basel Committee and IOSCO international framework.
The Chair of the Supervisory Board of the European Central Bank, Andrea Enria, asked the CEOs of the largest banks in the Eurozone to explain how they plan to deal with upcoming changes to a number of interest rate benchmarks.
Federal Reserve Bank of New York Executive Vice President and General Counsel Michael Held urged firms to better understand their institution's exposure to LIBOR-based products and to prepare for the transition to an alternative interest rate.
The Alternative Reference Rates Committee provided instructional videos explaining recently released consultations on U.S. dollar LIBOR fallback contract language for bilateral business loans and securitizations.