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ARTICLE · 23 DECEMBER 2021

CFTC MRAC Provides Guidelines For Exchange-Traded Derivatives Transition To SOFR

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Instead, the subcommittee encouraged all market participants to adopt the best practice of replacing LIBOR with SOFR after end of 2021.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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As part of the final phase of the SOFR First Initiative, the CFTC Market Risk Advisory Committee ("MRAC") recommended that market participants (i) "transact in SOFR exchange-traded derivatives as soon as possible" and (ii) adopt the best practice of replacing LIBOR with SOFR for new contracts after year-end 2021.

The SOFR First Initiative, a four-phase plan adopted in July 2021 (see  previous coverage), provides a series of best practice recommendations for a smooth transition away from USD LIBOR to SOFR. Market participants "noted improved liquidity and trading conditions for impacted SOFR-based interest rate derivatives" following the implementation of the previous three phases.

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