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Following requests from industry, New York State incorporated
legislative language addressing the expected discontinuance of
LIBOR in its recently released draft budget. The draft language
amends the General Obligations Law to require New York law-governed
contracts without LIBOR fallback provisions to use the replacement
rate recommended by the Alternative Reference Rates Committee
(ARRC).
1
Background
The U.K. Financial Conduct Authority (FCA), which regulates
LIBOR, has made clear that it will not compel banks to make LIBOR
submissions beyond 2021. Together with other official sector
bodies, it has strongly advised industry to transition away from
The Alternative Reference Rates Committee (ARRC) recently released a recommended method for using the Secured Overnight Financing Rate (SOFR) in intercompany loans issued by.
CME Group Announces Record SOFR Futures Trading Volume And Open Interest On February 25 Date
26/02/2021
CME Group, the world s leading and most diverse derivatives marketplace, today announced that Secured Overnight Financing Rate (SOFR) futures reached a daily volume record of 265,511 contracts on
February 25, surpassing the previous record of 240,288 contracts on
November 19, 2020. SOFR futures open interest also set a new record of 757,943 contracts yesterday, exceeding the prior record of 751,594 contracts on
February 24. We are pleased with the growth of our increasingly robust SOFR futures market, as well as the continued development of the overall SOFR ecosystem at
CME Group, said Agha Mirza, Global Head of Interest Rate and OTC Products,
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With the use of LIBOR being phased out by the end of 2021 and its prevalence in corporate loans, adjustable-rate mortgages, floating rate notes, securitized products and derivatives products, nearly all lenders and borrowers will be impacted. Husch Blackwell attorneys have put together responses to frequently asked questions related to the LIBOR transition.
What is LIBOR?
The London Interbank Offered Rate (LIBOR) is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans, published daily by the Intercontinental Exchange (ICE). The Alternative Reference Rates Committee (ARRC) estimates that current outstanding contracts referencing U.S. Dollar LIBOR, including corporate loans, adjustable-rate mortgages, floating rate notes, securitized products and derivatives products totals nearly $200 trillion.
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