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ARTICLE · 02 AUGUST 2021

Interest Rates Watch: Key Libor Replacement Milestone – ARRC Formally Recommends Term SOFR

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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related to interest rates and benchmarks on a regular basis.

CanadaFinance and Banking
Jennifer Wasylyk
Jennifer Wasylyk
Patience Kalu Omokhodion
Patience Kalu Omokhodion
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Welcome back to our Interest Rates Watch series, developed to provide timely updates and practical advice on developments related to interest rates and benchmarks on a regular basis. As always, we are here to help.

On July 29, 2021, the Alternative Reference Rates Committee (the ARRC), the working group backed by the United States Federal Reserve and tasked with recommending a replacement for US dollar (USD) LIBOR, formally recommended the CME Group's forward-looking Secured Overnight Financing Rate (SOFR) term rates (SOFR Term Rates) for one-, three- and six-month tenors.  This is a major milestone in the transition away from US LIBOR.

This announcement follows completion of the first phase under the SOFR First initiative, which commenced on July 26, 2021 and recommended that financial institutions switch from USD LIBOR to SOFR for all linear swap trades in the interdealer market.  That switch boosted overnight SOFR-linked derivatives volumes, which was a

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