Operating Policy
Statement Regarding Update to Reference Rate Administration Policies
November 13, 2018

The New York Fed is the administrator of the Effective Fed Funds Rate (EFFR), Overnight Bank Funding Rate (OBFR), Tri-Party General Collateral Rate (TGCR), Broad General Collateral Rate (BGCR), and Secured Overnight Financing Rate (SOFR). In administering these rates, the New York Fed has adopted policies and procedures consistent with the IOSCO Principles for Financial Benchmarks (“the IOSCO Principles”) and has issued a Statement of Compliance with the IOSCO Principles that includes a description of its procedures for making changes to these rates.

To provide greater certainty and transparency, the New York Fed has adopted and published an expanded policy relating to any future changes regarding the compositions or calculation methodologies of these rates, including how the New York Fed would consult the public in the event that material changes to the rates were being considered.

For more information, see the “Changes in Methodology and Public Consultation Policy” sections of the additional information pages for the EFFR and the OBFR and the TGCR, the BGCR and the SOFR.