The Alternative Reference Rates Committee urged market participants to "proactively slow" the use of U.S. dollar LIBOR "to promote a smooth end to new LIBOR contracts by the end of the year."
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In a joint report, the Financial Services Forum, the Institute of International Finance and ISDA detailed how financial markets and participants provided "vital" support to the economy during the COVID-19 pandemic.
SIFMA, the American Bankers Association and the Financial Services Forum urged the Federal Reserve Board to extend a temporary interim final rule amending the Supplementary Leverage Ratio.
In a newly released paper, the Alternative Reference Rates Committee focused on internal systems and processes for market participants transitioning to the Secured Overnight Financing Rate.
FIA recommended changes to the Bank for International Settlements Basel Committee's proposed revisions to the bank regulatory credit valuation adjustment risk framework.