The CFTC approved a "made-available-to-trade" determination for certain overnight index swaps referencing the Secured Overnight Financing Rate and Sterling Overnight Index Average.
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CFTC staff granted additional no-action relief from certain CFTC swap data reporting requirements relating to LIBOR transition.
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.
CFTC Chair Rostin Behnam encouraged market participants to continue transition efforts in advance of the June 2023 cessation of USD LIBOR.
The effective date for a CFTC final rule to remove the mandatory clearing requirements relating to LIBOR will be September 23, 2022, with the exception of amendatory instructions 3 and 5, which will become effective July 1, 2023.