SOFR Update: 5 Takeaways from this week’s ARRC SOFR Symposium (The Final Year)

Fed's Quarles Keynotes

ARRC SOFR Symposium

Below are five takeaways from the "The SOFR Symposium: The Final Year," hosted by the Alternative Reference Rates Committee (ARRC) on Monday, March 22. The full agenda, webcast recording

and presentation are available on the Events page of the New York Fed website.

1. USD Libor’s end date is set

Resources:

Keynote Remarks at SOFR Symposium

FCA Announcements on the end of Libor (March 5, 2021)

2. Fed calls for banks to end new Libor usage this year

Resources:

Keynote Remarks at SOFR Symposium

Federal Reserve Supervisory Letter SR21-7 (March 9, 2021)

Federal Reserve Supervisory Letter SR20-27 (November 30, 2020)

3. ARRC will not recommend a SOFR term rate by mid-2021

Resources:

ARRC Press Release: ARRC Provides Update on Forward-Looking SOFR Term Rate (March 22, 2021)

Webcast recording of The SOFR Symposium: The Final Year (March 22, 2021; 17:00 to 44:20)

4. Lack of SOFR adoption in business loan market is concerning

Resources:

ARRC Progress Report: The Transition from U.S. Dollar LIBOR (March 22, 2021)

Webcast recording of The SOFR Symposium: The Final Year (March 22, 2021; 1:02:30 to 1:31:20)

5. Borrowers request 'SOFR in advance' loans in lieu of term rate

Resources:

ARRC Updated User’s Guide to SOFR (February 2021, definition on pages 10-15)

Webcast recording of The SOFR Symposium: The Final Year (March 22, 2021; 1:02:30 to 1:31:20)

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Eris SOFR Resources

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