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US CFTC panel urges interdealer swap market to switch Libor trading conventions to SOFR by July 26

( June 8, 2021, 18:34 GMT | Official Statement) -- MLex Summary: A private-sector US Commodity Futures Trading Commission advisory panel recommended interdealer swap market guidance to switch most Libor trading conventions — or tools for using the benchmark — to Secured Overnight Financing Rates by July 26. The recommendation, which goes to the CFTC’s market risk advisory committee, also calls for keeping interdealer brokers’ screens for these swaps available for informational purposes — but not trading activity — until Oct. 22. While this recommendation covers “linear” swaps, which constitute most, it doesn’t apply to Libor/SOFR basis swaps, Libor/Libor basis swaps, forward rate agreements and single period swaps.Statement follows in full. ...

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