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CFTC Announces ‘SOFR First’ Initiative
6/14/2021 · by CRE Finance Council · Tracking the LIBOR to SOFR Transition · Research and Background Documents
On June 8, the Commodity Futures Trading Commission (CFTC) announced market best practices for switching interdealer trading conventions from LIBOR to the Secured Overnight Financing Rate (SOFR) for U.S. Dollar (USD) linear interest rate swaps. The initiative, developed by the CFTC’s Market Risk Advisory Committee (MRAC), is being called “SOFR First,” modeled after a similar effort in the UK called “SONIA First.”
Tags: LIBOR · SOFR · ARRC · capital markets ·