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ARTICLE · 24 JULY 2020

CFTC MRAC Considers Updates On SOFR And Recent Market Performance

Hogan Lovells Cadwalader
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In its report, the subcommittee stated that it has refocused its efforts on market performance in light of the pandemic.

United StatesFinance and Banking
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At a meeting of the CFTC Market Risk Advisory Committee ("MRAC"), subcommittees and industry representatives provided updates on the transition to the Secured Overnight Financing Rate ("SOFR") and the impact of the pandemic on market infrastructure and trade volumes.

MRAC Interest Rate Benchmark Reform Subcommittee

Thomas Wipf (Vice Chair, Institutional Securities, Morgan Stanley) reported that the subcommittee held a "tabletop exercise" to consider CME and LCH's proposed approaches for transitioning discounting and price alignment interest for certain products to SOFR, scheduled for October 2020. Based on the exercise, the subcommittee provided a series of broad "guiding insights" for market participants including: (1) enhanced education for "all involved parties," (2) risk mitigation strategies ahead of discounting, including trade compression and re-couponing, and (3) internal preparation and engagement by all impacted stakeholders. The subcommittee also

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