The ICE Benchmark Administration published a consultation on its intention to cease publication of the USD LIBOR ICE Swap Rate for all tenors after June 30, 2023.
ISDA CEO Scott O'Malia described ISDA's ongoing effort to develop common contractual standards to support the digital asset derivatives market.
As part of the final phase of the SOFR First Initiative, the CFTC Market Risk Advisory Committee recommended that market participants (i) “transact in SOFR exchange-traded derivatives as soon as possible” and (ii) adopt the best practice of replacing LIBOR with SOFR for new contracts after year-end 2021.
ISDA identified key issues regarding the current derivatives contractual framework in the hopes of developing a global standard for the quickly growing digital asset market.
The Interest Rate Benchmark Reform Subcommittee of the CFTC Market Risk Advisory Committee selected December 13, 2021 as the date for switching interdealer trading conventions for U.S. dollar newly executed cross-currency derivatives from LIBOR to SOFR.