<p><span>Introduction</span></p>
<p class="p1"><span>Good morning. I want to thank Tom Wipf, the ARRC, and the New York Fed for holding this series of symposia and for inviting me to share my thoughts and moderate an important discussion on our progress in the transition from LIBOR to SOFR specific to the derivatives markets. Before I begin, please allow me to remind you that the views I express today are my own and do not represent the views of the Commodity Futures Trading Commission (CFTC or the Commission) or my fellow Commissioners.</span></p>