ARRC asks for clarity on legacy Ibor contracts, as first Sofr swaps trade

The Alternative Reference Rates Committee, a US body committed to transitioning markets away from interbank offered rates, this week published a letter it had sent to financial regulators and supervisors, asking for clarity on how derivatives contracts referencing the benchmarks would be impacted by amendments crafted to deal with their discontinuation.

  • By Costas Mourselas
  • 17 Jul 2018

The body, convened in 2014, has requested a “clarification” that legacy swaps contracts that were not impacted by Basel Committee for Banking Supervision margin rules do not have to be amended to include them when revisiting contracts referencing Libor or other Ibors. 

The letter was addressed to a number ...

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