ARRC eyes July ‘SOFR first’ switch
Adoption of RFR for swaps quoting conventions should pave the way for term SOFR endorsement
The Federal Reserve-backed group tasked with weaning US markets off Libor is eyeing a July deadline for dealers to switch their quoting conventions for US dollar swaps to the secured overnight financing rate, regulators’ preferred successor for US dollar Libor.
According to Tom Wipf, chair of the Alternative Reference Rates Committee (ARRC), the planned ‘SOFR first’ initiative, which would
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