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US CFTC moves step closer to interdealer broker transition from Libor on July 26

By Neil Roland ( July 13, 2021, 21:19 GMT | Insight) -- The US Commodity Futures Trading Commission moved a step closer to recommending that the interdealer market replace trading of Libor swaps with trading of Secured Overnight Financing Rate swaps on July 26, as an advisory panel forwarded the proposal to the commission for a final vote. Acting CFTC chief Rostin Behnam also said the agency will consider a rule proposal on mandatory clearing of SOFR swaps with an expectation that it will be finalized next year, after firms are supposed to have halted new Libor-linked financial contracts.The US Commodity Futures Trading Commission moved a step closer to recommending that the interdealer market replace trading of Libor swaps with trading of Secured Overnight Financing Rate swaps on July 26, as an advisory panel forwarded the proposal to the commission for a final vote....

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