ARRC reconvenes task force to evaluate term SOFR curbs

Concerns over one-sided market for term SOFR swaps prompts review of ‘scope of use’ guidelines

The Federal Reserve-backed industry group charged with steering US markets away from Libor has reconvened a task force of buy-side and sell-side derivatives users to evaluate whether strict curbs on trading a forward-looking version of the secured overnight financing rate should be loosened. The debate is widely expected to unlock broader use of the benchmark in derivatives, though officials are tempering hopes for a full-scale opening of the floodgates.

The term rate task force, a sub-group of

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