The Alternative Reference Rates Committee said it is holding an event next week on the impact of the transition from LIBOR to the Secured Overnight Financing Rate on the derivatives market.
Event: Scheduled for Tuesday, June 8, the event will focus on the Commodity Futures Trading Commission’s initiative to implement SOFR.
Background: The U.K. Financial Conduct Authority earlier this year said it will cease publishing LIBOR on a representative basis for the one-week and two-month USD LIBOR settings immediately after Dec. 31, 2021.
ARRC: ICBA serves on the ARRC—which is implementing the LIBOR transition, recommending SOFR as the alternative rate, and encouraging market participants to continue the transition using currently available tools.