At a hearing before the Senate Banking Committee, Alternative Reference Rates Committee Chair Thomas Wipf advocated for Congressional passage of uniform, federal legislation to address LIBOR legacy contract transition issues and "avoid the disruptions, market uncertainties, and confusion that would otherwise occur when LIBOR ends."
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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."
The Alternative Reference Rates Committee summarized its recommendations to date for spread-adjusted fallbacks for contracts that reference U.S. dollar LIBOR.
ISDA CEO Scott O'Malia emphasized the need to develop uniform legal standards for crypto derivatives contracts.
The Alternative Reference Rates Committee expressed support for the launch of Refinitiv's prototype publication of ARRC-recommended LIBOR cash fallback spreads and rates.