SIFMA recommended substantial changes to the SEC's proposed rulemaking on electronic recordkeeping requirements for broker-dealers, security-based swap dealers and major security-based swap participants.
The Alternative Reference Rates Committee, acting as the "Relevant Recommending Body" under LIBOR legislation enacted in New York and Alabama, officially selected and recommended replacement benchmarks, based on the Secured Overnight Financing Rate, to replace 1-week and 2-month U.S. dollar LIBOR in contracts that are within the scope of these two state statutes.
SIFMA, DTCC and the Investment Company Institute outlined their plans to shorten the settlement cycle for U.S.-issued securities. In a joint report, the organizations identified the end of Q2 in 2024 as the target date for completion.
The Securitization Working Group of the Alternative Reference Rates Committee issued an addendum to a white paper on options for using the Secured Overnight Financing Rate in new asset-backed securities products. In the addendum the SWG describes how an "in arrears" methodology can be used as the reference rate in new U.S.-issued ABS products.
Refinitiv, the vendor selected by the Alternative References Rates Committee to publish spread-adjusted rates for cash products, launched production-ready fallback rates that are available for immediate use on institutional cash products.