ARRC releases playbook to support shift from tradition Libor money items

The Alternative Reference Rates Committee today launched a playbook to assist support the shift far from tradition Libor money items. The playbook supplies tools and resources, consisting of a collection of finest practice suggestions and recommendation products. It is not meant to supply legal guidance.

The guide sets out a number of suggested actions to browse the effective application of alternatives for different money items. These actions consist of: completely evaluating the alternatives that are embedded in every U.S. dollar Libor agreement; remediating those agreements where practical to reference the Secured Overnight Financing Rate prior to June 30, 2023; embracing strategies to interact each agreement’s alternative with afflicted celebrations for staying USD Libor agreements; and making certain adequate resources are assigned to make sure that rate modifications are effectively enforced.

In associated news, Refinitiv—the ARRC’s picked supplier to release fallback rates for money items based upon SOFR—revealed that it will start releasing ARRC-recommended alternative rates based upon the CME Group’s Term SOFR rates in September 2022.


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