Under part two of the second phase of SOFR First, interdealer brokers are asked to use SOFR instead of LIBOR in the USD leg of all newly-executed cross-currency derivatives.
December 6, 2021Fallbacks for institutional cash products are now production benchmarks. Prototype fallbacks for consumer cash products will be launched on 3 January 2022.
December 2, 2021BBSW/LIBOR will shift to BBSW/SOFR in cross currency basis swaps trading, though the move presents challenges inherent to an IBOR/RFR pairing.
November 30, 2021The FSB says transition should be "primarily to overnight RFRs" and that it is closely watching market developments regarding credit-sensitive rates.
November 23, 2021The new rates will assist the non-linear market in its transition to SOFR, IBA said. Currently they are being published solely for information and illustration purposes.
October 12, 2021The FCA said the current fallback language for credit sensitive rates puts market participants at risk of breaching their obligations under BMR.
September 30, 2021Under the amendment, authorised dealer banks can use ARRs in place of LIBOR for interest payable in export/import transactions.
September 29, 2021IBA has now launched RFR indexes for SOFR, SONIA, €STR and TONA, providing daily values that represent accrued compound interest.
September 24, 2021RFR adoption jumped in August in Japan and Switzerland. The US and UK are seeing steady progress. ISDA chief Scott O'Malia says there is no room for complacency.
September 19, 2021The HKMA said it supports the publication of the new information note, which sets out options to replace USD LIBOR with SOFR in loan contracts.
September 15, 2021