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ARTICLE · 01 SEPTEMBER 2017

Federal Reserve Board Requests Public Comment On Proposed LIBOR Replacement

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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The three interest rates will be constructed to reflect the cost of short-term secured borrowing in highly liquid and robust markets.

United StatesFinance and Banking
Ann Kalodis
Ann Kalodis
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On August 24, the Federal Reserve Board (the Board) requested public comment1 on a proposal for the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, to produce three new reference rates based on overnight repurchase agreement (repo) transactions secured by Treasuries.

The most comprehensive of the rates, to be called the Secured Overnight Financing Rate (SOFR), would be a broad measure of overnight Treasury financing transactions and was selected by the Alternative Reference Rates Committee as its recommended alternative to U.S. dollar LIBOR. SOFR would include tri-party repo data from Bank of New York Mellon (BNYM) and cleared bilateral and GCF Repo data from the Depository Trust & Clearing Corporation (DTCC).

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