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ARRC formally recommends LIBOR replacement
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Banking, Financial Stability, Legislation, Nonbank Financial
Tuesday, August 10, 2021
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The Alternative Reference Rates Committee formally recommended the Chicago Mercantile Exchange Group’s Secured Overnight Financing Rate term rates as the market further transitions from the London Interbank Offered Rate. The Federal Housing Finance Agency and the Federal Deposit Insurance Corp. have published additional information and clarifications for the change.
The formal recommendation is a major milestone and marks the completion of the transition plan outlined in 2017.
Read on for more details.
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