{"id":348,"date":"2021-06-14T18:25:33","date_gmt":"2021-06-14T22:25:33","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/bankinglaw\/?p=348"},"modified":"2021-06-15T12:42:31","modified_gmt":"2021-06-15T16:42:31","slug":"libor-transition-term-sofr-expected-days-after-july-26","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/bankinglaw\/2021\/06\/14\/libor-transition-term-sofr-expected-days-after-july-26\/","title":{"rendered":"LIBOR Transition: Term SOFR Expected “Days” After July 26"},"content":{"rendered":"\r\n

June 8, 2021, was an eventful day in the LIBOR transition. That morning, the Interest Rate Benchmark Reform Subcommittee of the Market Risk Advisory Committee (MRAC) of the Commodity Futures Trading Commission (CFTC) announced its recommendation that starting July 26, 2021, interdealer brokers should replace trading of LIBOR linear swaps with trading of SOFR linear swaps. That same morning, the Alternative Reference Rates Committee of the New York Federal Reserve (ARRC) praised the MRAC recommendation and announced that once the switch occurs, it will be in a position to recommend CME SOFR term rates \u201cvery shortly thereafter.\u201d June 8 also happened to be the date of the ARRC\u2019s planned SOFR Symposium. Regulatory speakers at the symposium were confident that the July 26 date for the switch was realistic and achievable. ARRC Chair Tom Wipf clarified that he expects \u201cvery shortly thereafter\u201d to mean \u201cdays, not weeks.\u201d

It\u2019s a stunning reversal in what otherwise appeared to be a dim future for Term SOFR just a few months ago. Read on our Alert, published today<\/a>, to learn more about the recent developments relating to Term SOFR and its competing rates.<\/p>\r\n

Duane Morris\u2019 LIBOR Transition Team:\u00a0\u00a0Roger S. Chari<\/a>, Chair,\u00a0Joel N. Ephross<\/a>,\u00a0Amelia (Amy) H. Huskins<\/a>, and Phuong (Michelle) Ngo<\/a>.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

June 8, 2021, was an eventful day in the LIBOR transition. That morning, the Interest Rate Benchmark Reform Subcommittee of the Market Risk Advisory Committee (MRAC) of the Commodity Futures Trading Commission (CFTC) announced its recommendation that starting July 26, 2021, interdealer brokers should replace trading of LIBOR linear swaps with trading of SOFR linear … <\/p>\n

Continue reading “LIBOR Transition: Term SOFR Expected “Days” After July 26″<\/span><\/a><\/p>\n","protected":false},"author":414,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[234,253,285,240,238,381,390,248,389,250,227,228,391,245,387,241,388,392,256,257,266,237,260,271],"ppma_author":[346,360,353,348],"class_list":["post-348","post","type-post","status-publish","format-standard","hentry","category-general","tag-alternative-reference-rates-committee","tag-amelia-huskins","tag-ameribor","tag-amy-huskins","tag-arrc","tag-bsby","tag-cftc","tag-chari","tag-commodity-futures-trading-commission","tag-ephross","tag-joel-ephross","tag-libor","tag-linear-swaps","tag-london-interbank-offered-rate","tag-market-risk-advisory-committee","tag-michelle-ngo","tag-mrac","tag-new-york-federal-reserve","tag-ngo","tag-phuong-ngo","tag-secured-overnight-financing-rate","tag-sofr","tag-term-sofr","tag-usd-libor"],"authors":[{"term_id":346,"user_id":414,"is_guest":0,"slug":"rschari","display_name":"Roger S. Chari","avatar_url":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-content\/uploads\/sites\/14\/2020\/02\/chariroger-125x150.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""},{"term_id":360,"user_id":478,"is_guest":0,"slug":"jne120","display_name":"Joel N. Ephross, P.C.","avatar_url":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-content\/uploads\/sites\/14\/2020\/07\/ephrossjoel-125x150.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""},{"term_id":353,"user_id":479,"is_guest":0,"slug":"ahh175","display_name":"Amelia (Amy) H. Huskins","avatar_url":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-content\/uploads\/sites\/14\/2020\/08\/huskinsamy-125x150.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""},{"term_id":348,"user_id":481,"is_guest":0,"slug":"mngo","display_name":"Phuong (Michelle) Ngo","avatar_url":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-content\/uploads\/sites\/14\/2020\/08\/ngomichelle-125x150.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts\/348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/users\/414"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/comments?post=348"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts\/348\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/media?parent=348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/categories?post=348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/tags?post=348"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/ppma_author?post=348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}