In a joint letter to the Basel Committee on Banking Supervision, ISDA, the Institute of International Finance, and the Global Financial Markets Association, among others, requested reconsideration of the 2014 standardized approach for measuring counterparty credit risk exposures.
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In a year-end progress report, the Alternative Reference Rates Committee highlighted positive momentum in the transition away from USD LIBOR.
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."
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.