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ARTICLE · 12 JUNE 2020

CFTC MRAC Considers CCP Benchmark Transition

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The Interest Rate Benchmark Reform Subcommittee of the CFTC Market Risk Advisory Committee considered Central Counterparty Clearing House ("CCP")-proposed plans...

United StatesFinance and Banking
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The Interest Rate Benchmark Reform Subcommittee of the CFTC Market Risk Advisory Committee ("MRAC") considered Central Counterparty Clearing House ("CCP")-proposed plans "for the transition of discounting and price alignment interest for certain products to the secured overnight financing rate ("SOFR")." The discounting shift in the transition to alternative reference rates is set for October 2020.

According to the CFTC, subcommittee members "were able to actively work through potential scenarios and identify operational challenges," to "strengthen the current discounting transition proposals." The CFTC also indicated that subcommittee will issue a report on the meeting and follow up steps at a future public MRAC meeting.

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