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The CFTC Market Risk Advisory Committee adopted the "Secured Overnight Financing Rate First" recommendation developed by MRAC's Interest Rate Benchmark Reform Subcommittee.

In remarks before the Alternative Reference Rates Committee's Symposium on the Secured Overnight Financing Rate, CFTC Acting Chair Rostin Behnam concluded that "a successful transition" from LIBOR "would only be achieved if we move away from LIBOR altogether and adopt a new model that makes it obsolete."

The CFTC's Interest Rate Benchmark Reform Subcommittee recommended to the Market Risk Advisory Committee "that on July 26, 2021 and thereafter, interdealer brokers replace trading of LIBOR linear swaps with trading of SOFR [Secured Overnight Financing Rate] linear swaps."