ICICI bank makes its first interbank-money market transaction linked with SOFR
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)....
Source: thehindubusinessline.com