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ARTICLE · 23 JUNE 2020

ARRC Requests Relief Relating To CCP Discounting Transition

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The Alternative Reference Rate Committee ("ARRC") requested no-action relief from the CFTC Division of Swap Dealer and Intermediary Oversight relating to certain changes to swaps.

United StatesFinance and Banking
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The Alternative Reference Rate Committee ("ARRC") requested no-action relief from the CFTC Division of Swap Dealer and Intermediary Oversight relating to certain changes to swaps in the context of the central counterparty clearinghouse ("CCP") discounting transition.

The ARRC request comes in response to various CCP (including the CME, LCH and Eurex) announcing that they intend to change the discounting rate used for valuing cleared swaps and the rate applied to collateral or settlement amounts relating to such cleared swaps. In particular, CME and LCH stated that they will transfer from daily effective federal funds rate to SOFR in October 2020 for USD-discounted swaps. The ARRC request indicates that further relief is necessary beyond  existing IBOR-transition-related relief granted by CFTC staff.

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