The MSRB examined potential causes of recent increases in secondary market customer costs for fixed-rate municipal securities. The rise in these costs, as measured in effective spread, reversed a consistent downward trend for over a decade.
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ISDA CEO Scott O’Malia reported that ISDA continues to work with global policymakers to improve margining practices that can mitigate the impact of "extreme" volatility.
The Alternative Reference Rates Committee updated its recommendations on permissible usage of Term SOFR.
The CFTC voted to propose rule amendments to codify no-action relief regarding the treatment of separate accounts by futures commission merchants.
The Depository Trust and Clearing Corporation launched a "LIBOR Benchmark Replacement Index" resource to (i) provide users a means to view information on debt securities whose rate is currently based on LIBOR and (ii) establish a central resource depository for information about alternative indices.