The Alternative Reference Rates Committee formally recommended CME Group's forward-looking Secured Overnight Financing Rate term rates following the changes in trading conventions on July 26, 2021.
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The Alternative Reference Rates Committee recommended business loan conventions and best practices for the forward-looking Secured Overnight Financing Rate term rates.
ISDA issued a consultation on the implementation of fallbacks for swap rates published by ICE Benchmark Administration. The consultation will be open until July 2, 2021.
The Alternative Reference Rates Committee plans to recommend CME Group as the administrator for a forward-looking Secured Overnight Financing Rate term rate, once market indicators for the term rate are met.
The Alternative Reference Rates Committee released a new guide describing how to use the published Secured Overnight Finance Rate averages in financial products.