SPONSORED BY: FEDERAL RESERVE BOARD and FEDERAL RESERVE BANK of NEW YORK

ARRC Roundtable: November 2, 2017

The ARRC hosted a roundtable at the Federal Reserve Bank of New York on November 2, 2017. The event covered the work of the ARRC, including its recommendation of the Secured Overnight Financing Rate as a robust alternative rate to U.S. dollar LIBOR, and details of its paced transition plan. Additionally, representatives of both ARRC and non-ARRC member firms discussed how the risks around LIBOR—highlighted in a speech by Andrew Bailey, Chief Executive Officer of the United Kingdom’s Financial Conduct Authority—may impact not only the interest rate derivatives market, but also a wide range of other financial products and markets.

Meetings

October 31, 2017 | Agenda | Minutes
September 29, 2017 | Agenda | Minutes
August 1, 2017 | Agenda | Minutes | Presentation
June 22, 2017 | Agenda | Minutes | Press Release
June 16, 2017 | Agenda | Minutes | Presentation
June 12, 2017 | Agenda | Minutes
April 12, 2017 | Agenda | Minutes
February 22, 2017 | Agenda | Minutes | Presentation
December 1, 2016 | Agenda | Minutes
September 23, 2016 | Agenda | Minutes
July 28, 2016 | Agenda | Minutes
May 19, 2016 | Agenda | Minutes
April 14, 2016 | Agenda | Minutes
February 25, 2016 | Agenda | Minutes
January 28, 2016 | Agenda | Minutes
December 3, 2015 | Agenda | Minutes
October 22, 2015 | Agenda | Minutes
September 29, 2015 | Agenda | Minutes
July 17, 2015 | Agenda | Minutes
June 11, 2015 | Agenda | Minutes
May 26, 2015 | Agenda | Minutes
April 2, 2015 | Agenda | Minutes
February 19, 2015 | Agenda | Minutes
January 22, 2015 | Agenda | Minutes | Presentation
December 12, 2014 | Agenda | Minutes
November 17, 2014 | Agenda


ARRC Roundtable on the Interim Report: June 21, 2016

The ARRC hosted a roundtable on its Interim Report at the Federal Reserve Bank of New York on June 21, 2016.


About Us

The Financial Stability Oversight Council (FSOC) recommended in its 2014 Annual Report that U.S. regulators cooperate with foreign regulators, international bodies, and market participants to promptly identify alternative interest rate benchmarks anchored in observable transactions and supported by appropriate governance structures, and to develop a plan to accomplish a transition to new benchmarks while such alternative benchmarks were being identified. Greater reliance on alternative reference interest rates will make financial markets more robust and thus enhance the safety and soundness of individual institutions, make financial markets more resilient, and support financial stability in the United States. The Financial Stability Board (FSB) has also called for the development of alternative, nearly risk-free reference rates.

In response to the FSOC's recommendations and the objectives of the FSB, the Federal Reserve convened the Alternative Reference Rates Committee (ARRC) on November 17, 2014 in a meeting with representatives of major over-the-counter (OTC) derivatives market participants and their domestic and international supervisors and central banks. The ARRC was convened to identify a set of alternative reference interest rates that are more firmly based on transactions from a robust underlying market and that comply with emerging standards such as the IOSCO Principles for Financial Benchmarks and to identify an adoption plan with means to facilitate the acceptance and use of these alternative reference rates. The ARRC was also asked to consider the best practices related to robust contract design that ensure that contracts are resilient to the possible cessation or material alteration of an existing or new benchmarks.

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Secretariat Conduct Guidelines

Advisory Group Membership