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.
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The Alternative Reference Rates Committee published two consultations on U.S. dollar (USD) LIBOR fallback contract language for bilateral business loans and securitizations.
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."
ISDA CEO Scott O'Malia outlined recent and forthcoming efforts to address benchmark reforms.
ISDA, the Association of Financial Markets in Europe, International Capital Market Association, and SIFMA highlighted the challenges of transitioning from Interbank Offered Rates to risk free rates.