Operations/Infrastructure

ARRC Internal Systems Processes Transition Aid

July 8, 2020
In recognition of the complexity that the LIBOR transition presents for firms' internal systems, the ARRC has identified processes and systems that may be affected and their dependencies. Today the ARRC has released a taxonomy that firms can use to structure their transition away from LIBOR. This document can be an important aid for firms planning for the transition and fills in many of the details that have been outlined in earlier ARRC publications, beginning with the User's Guide to SOFR and including the Practical Implementation Checklist and Buy-Side Checklist.

Vendor Survey to Assess Readiness to Transition to SOFR

May 7, 2020
The ARRC released responses to a vendor readiness survey that was issued on January 31, 2020. The survey aims to help software and technology vendors assess their readiness to transition to SOFR. The survey also serves as a platform for vendors to raise operational issues to the ARRC.

The ARRC continues to take in responses to Section I of the survey and encourages more vendors to respond.

Submitting Responses
As noted in the letter that accompanies the survey, the ARRC asks vendors to input responses to Section I in the spreadsheet, and submit the spreadsheet by email to the ARRC Secretariat (arrc@ny.frb.org). Please do not submit any responses to Section II. Indicate "Vendor Survey" in the subject line of your email, and provide only one response per institution.

Webcast Details
ARRC representatives hosted a webcast on Monday, February 10, 2020 to answer vendors' questions. A recording of the webcast can be viewed via this link.

Practical Implementation Checklist for SOFR Adoption

September 19, 2019
The ARRC released a practical implementation checklist to help market participants transition to using SOFR, which is the ARRC's recommended alternative to USD LIBOR.

Vendor Best Practices

May 7, 2020
The ARRC released recommended best practices for technology and operations vendors relevant to the transition. The document calls on these vendors to complete all remaining enhancements to their product offerings that are necessary to support SOFR and outlines dates after which no new LIBOR-based activity should be conducted.

User's Guide to SOFR

April 1, 2019
ARRC released a white paper to help explain how market participants can use its recommended alternative to USD LIBOR, SOFR, in cash products. This paper builds on the ARRC’s work developing the Paced Transition Plan, which outlines the steps for an effective shift to SOFR.

Buy-Side Checklist for SOFR Adoption

January 31, 2020
The ARRC released a buy-side checklist, which outlines the steps for an effective shift to SOFR, and is designed to be used alongside the User's Guide to SOFR. It is similar to the practical implementation checklist released in 2019, but is more narrowly intended for use by buy-side firms.