The CFTC Market Participants Division extended temporary no-action relief to permit futures commission merchants to invest customer funds in securities that include an adjustable interest rate benchmarked to the Secured Overnight Financing Rate.
In its 2022 Annual Report, the Financial Stability Oversight Council offered recommendations touching on (i) digital assets, (ii) climate-related financial risks, (iii) investment fund disclosure, (iv) Treasury markets, (v) cybersecurity and (vi) LIBOR transitions.
The Federal Reserve Board adopted a final rule, Regulation ZZ, to implement the LIBOR Act and establish benchmark replacements for contracts that reference certain tenors of U.S. dollar LIBOR.
Commentary by Nihal Patel
CFTC Chair Rostin Behnam encouraged market participants to continue transition efforts in advance of the June 2023 cessation of USD LIBOR.
The ICE Benchmark Administration decided to cease publishing USD LIBOR ICE swap rate "runs" for all tenors immediately after publication of the rates on June 30, 2023.