Comments are due by June 30, 2022 for a CFTC proposal to amend the clearing requirement by removing LIBOR and other interbank offered rates and include risk-free rates such as SOFR.
At a hearing before the Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet L. Yellen testified on the Financial Stability Oversight Council's 2021 Annual Report to Congress.
The CFTC proposed to amend the mandatory clearing requirement to remove LIBOR and other interbank offered rates and include risk-free rates such as SOFR.
The Congressional Research Service recapped key issues in policymakers' "efforts to transition away from the use of LIBOR in financial products in order to avoid disruption."
The Chicago Mercantile Exchange will publish two new benchmark reference rates: CME CF Bitcoin Reference Rate New York and CME CF Ether-Dollar Reference Rate New York.