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ARTICLE · 02 MARCH 2018

NY Fed To Begin Publishing Alternative Repo-Based Reference Rates

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The Federal Reserve Bank of New York ("NY Fed") plans to begin publishing three new reference rates based on overnight repurchase agreements backed ...

United StatesFinance and Banking
Lary Stromfeld
Lary Stromfeld
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The Federal Reserve Bank of New York ("NY Fed") plans to begin publishing three new reference rates based on overnight repurchase agreements backed by Treasuries ("Treasury repo rates") on April 3, 2018.

As previously covered, the following new Treasury repo rates will be published:

  • Secured Overnight Financing Rate ("SOFR") will be the "broadest measure" of overnight Treasury financing transactions. The rate includes tri-party repo data from Bank of New York Mellon ("BNYM"), as well as cleared bilateral and General Collateral Financing ("GCF") repo data from the Depository Trust & Clearing Corporation ("DTCC"). This rate was chosen by the Alternative Reference Rates Committee to be used as the alternative to U.S.-dollar LIBOR.

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