CFTC encourages the use of SOFR for ETD / XTD (EXchange Traded Derivatives) and makes 4 key statements: 1- Eurodollar futures and options are LIBOR contracts; --> so they should be abandoned 2- SOFR futures trading volumes are growing rapidly, and SOFR futures exposures are larger than market participants realize, given the construction of LIBOR [...]
The US SEC issues CFR 17 Parts 270 and 274, a (very lengthy...) proposed set of rules to amend the governance of Money Market Funds (MMF) and increase their resilience in times of stress. In particular, the proposed rule would remove the liquidity fee and redemption gate provisions contained in the existing rule. The idea [...]
29/07/2021 ARRC announces their decision as “a major milestone in the transition away from U.S. dollar (USD) LIBOR, providing market participants with an essential transition tool” See the official press release from ARRC here - https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2021/ARRC_Press_Release_Term_SOFR.pdf Refer to the ARRC website at the following address - https://www.newyorkfed.org/arrc/index.html
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