The regulator has clarified the timing and scope of its tough legacy fix for Japanese yen and sterling Libor, saying it will cover all legacy contracts except cleared derivatives for at least a year
Two months into the SOFR First initiative, the numbers are out, and although a pick-up in activity has been observed, many still wonder whether that will be enough to tip the balance decisively before no-new-Libor at year-end
Introduced on September 21 as the second phase of SOFR First, the initiative recommends that interdealer brokers replace Libor-based cross-currency swaps with risk-free-rate ones
A statement from the organisation reiterating the importance of continued transition to robust alternative benchmarks has sparked vivid reactions across the USD Libor market
With the critical benchmarks bill finally introduced in parliament, market participants will look forward to synthetic Libor being put into law in the coming months
