NEW YORK—The Alternative Reference Rates Committee (ARRC) will host a public roundtable at the Federal Reserve Bank of New York on Thursday, November 2, at 8:30 a.m. EDT. The event will cover the work of the ARRC to date, including its recent recommendation of the Secured Overnight Financing Rate (SOFR) as a robust alternative rate to U.S. dollar LIBOR, as well as details of its paced transition plan. Additionally, representatives of both ARRC and non-ARRC member firms will discuss how risks around LIBOR may impact not only the interest rate derivatives market, but also a wide range of other financial products and markets.
Featured speakers will include Governor Jerome Powell of the Federal Reserve’s Board of Governors (via prerecorded video); J. Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission; Sandra O’Connor, Chief Regulatory Officer at JPMorgan Chase and chair of the ARRC; and Scott O’Malia, CEO of the International Swaps and Derivatives Association.
This event is open to the media, though space is limited. The event will also be available via webcast. To register, please contact Brian Manning at the New York Fed: firstname.lastname@example.org or (212) 720-6143.
About the Alternative Reference Rates Committee
The Federal Reserve convened the ARRC in November 2014 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. The ARRC was also asked to identify an adoption plan with means to facilitate the acceptance and use of these alternative reference rates, and 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.