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Opening Statement Of CFTC Commissioner Caroline D. Pham Before The Global Markets Advisory Committee

I am so pleased to sponsor and host the first meeting of the CFTC’s Global Markets Advisory Committee (GMAC).

New yorkUnited statesUnited kingdomCity ofNoord hollandMercedes gilesHester peirceAltonio downingDarcy bradburyLos angelesDwight rileyAnna bintingerAndrew brightonWilliam schroederMargie yatesBrigitte weyls

Keynote Of CFTC Chairman Rostin Behnam At Bloomberg's The Final Chapter For USD LIBOR

Introduction Good afternoon.  Thank you to Bloomberg for hosting this event.  It’s a pleasure to join you to discuss LIBOR transition and expectations as we approach June 30, 2023, the end date for the remaining settings of U.S. Dollar (USD) LIBOR.

New yorkUnited statesUnited kingdomTom wipfFinancial stability oversight councilMarket participants divisionMarket risk advisory committeeDivision of market oversightInternational organization of securitiesLoan remediationReference rates committeeAlternative reference rates committeeSecured overnight financing rateRate benchmark reform subcommitteeInterest rate benchmark reform subcommitteeBenchmark subcommittee

MIL-OSI USA: CFTC Market Risk Advisory Committee Adopts SOFR First Recommendation at Public Meeting

Source: US Commodity Futures Trading Commission Washington, D.C. The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) today adopted a market best practice known as SOFR First for consideration by the full Commission. SOFR First is a phased initiative for switching trading conventions from LIBOR to the Secured Overnight Financing Rate (SOFR) for U.S. Dollar (USD) linear interest rate swaps, cross currency swaps, non-linear derivatives and exchange traded derivatives. Acting Chairman Rostin Behnam is the sponsor of the MRAC. SOFR First, developed by the MRAC’s Interest Rate Benchmark Reform Subcommittee (Subcommittee), is designed to help market participants decrease reliance on USD LIBOR in light of statements from the Financial Stability Board and the International Organization of Securities Commissions on LIBOR transition which reinforce U.S. banking regulator guidance that banks cease entering new contracts that reference USD LIBOR post Decembe

United statesRostin behnamUs commodity futures trading commissionInternational organization of securitiesCommodity futures trading commissionMarket risk advisory committeeSecured overnight financing rateChairman rostin behnamRate benchmark reform subcommitteeFinancial stability boardInternational organizationSecurities commissionsStates newsஒன்றுபட்டது மாநிலங்களில்எங்களுக்கு பண்டம் எதிர்காலங்கள் வர்த்தக தரகுசர்வதேச ஆர்கநைஸேஶந் ஆஃப் பத்திரங்கள்

CFTC Market Risk Advisory Committee Adopts SOFR First Recommendation At Public Meeting

CFTC Market Risk Advisory Committee Adopts SOFR First Recommendation At Public Meeting
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Rostin behnamInternational organization of securitiesCommodity futures trading commissionMarket risk advisory committeeSecured overnight financing rateChairman rostin behnamRate benchmark reform subcommitteeFinancial stability boardInternational organizationSecurities commissionsசர்வதேச ஆர்கநைஸேஶந் ஆஃப் பத்திரங்கள்பண்டம் எதிர்காலங்கள் வர்த்தக தரகுபாதுகாக்கப்பட்டது ஓவர்‌நைட் நிதி ரேட்நிதி ஸ்திரத்தன்மை பலகைசர்வதேச ஆர்கநைஸேஶந்பத்திரங்கள் கமிஷன்கள்

Regulator calls for sunsetting LIBOR in some interest rate swaps in July

Dive Brief: A Commodity Futures Trading Commission (CFTC) subcommittee recommended as a “market best practice” that interdealer brokers switch trading of linear interest rate swaps from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) beginning July 26. The recommendation by the CFTC’s Interest Rate Benchmark Reform Subcommittee is aimed at speeding the adoption of SOFR, which has yet to gain widespread acceptance as a replacement for LIBOR, the reference rate for trillions of dollars in business loans, derivatives and other financial contracts worldwide. U.S. regulators have called on banks to stop using LIBOR in new contracts by the end of this year.

City ofUnited kingdomRostin behnamRandal quarlesA commodity futures trading commissionUk financial conduct authorityFirst transaction initiativeDive briefCommodity futures trading commissionLondon interbank offered rateSecured overnight financing rateRate benchmark reform subcommitteeConduct authorityFederal reserve vice chair randal quarlesStrategy amp operationsStrategy operations