New York Fed to launch index of LIBOR alternative

Feb 13, 2020

The Federal Reserve Bank of New York said that on March 2 it will begin to publish Secured Overnight Financing Rate averages and a SOFR index to support the transition away from the London Interbank Offered Rate, or LIBOR.

SOFR is the alternative to LIBOR recommended by the Alternative Reference Rates Committee, which is implementing the transition. ICBA serves on the ARRC and encourages community banks to begin preparing for the transition from LIBOR.