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ICICI bank makes its first interbank-money market transaction linked with SOFR Mumbai | Updated on January 21, 2021 ICICI Bank on Thursday said it has executed its first interbank-money market transaction linked with Secured Overnight Funding Rate (SOFR) through its Hong Kong branch. This transaction is part of the bank’s Benchmark Transition Management plan to assess the preparedness towards a smooth transition to the new Alternative Reference Rates (ARRs), the Bank said in a statement. SOFR has been identified as the replacement for USD (US Dollar) LIBOR (London Interbank Offered Rate)....

For the better part of three years, U.S. officials have been preaching patience. Bloomberg | Jan 11, 2021 (Bloomberg) -- It’s one of the most confounding questions facing regulators in the fight to phase out the London interbank offered rate. How do you wean everyone from asset managers and traders to corporate treasurers off derivatives that are so ubiquitous, they’ve become part of the fabric of the financial system? For the better part of three years, U.S. officials have been preaching patience. Libor-based interest-rate swaps, futures and options, among the most liquid markets ...