The New York Fed hosted a public forum for the Alternative Reference Rates Committee (ARRC), a group of banks and regulators charged with guiding the financial markets away from the use of the scandal-plagued London Interbank Offered Rate (Libor). The event featured remarks by ARRC Chair Sandie O’Connor and Fed Vice Chair for Supervision Randal Quarles, as well as panel discussions around developments in language that should be used to replace Libor in contracts for financial products like corporate loans, derivatives, and floating-rate notes. In his remarks, Quarles said the Fed should consider launching an average financing rate alongside the Secured Overnight Financing Rate, which is the preferred replacement for Libor.
ARRC Roundtable: July 19, 2018
The Alternative Reference Rates Committee (ARRC) will host a half-day forum on Thursday, July 19, from 9:00 AM to noon. The forum will provide an opportunity for the ARRC to report on its overall progress since it was reconstituted, and will be a starting point in the ARRC’s public consultation and education process regarding contract robustness in instruments referencing LIBOR. The event will feature remarks by ARRC Chair Sandie O’Connor, as well as panel discussions around developments in contract language for floating rate notes, corporate loans, securitizations, and derivatives.
ARRC Interim Report
ARRC Second Report
Introductory Remarks by Vice Chairman for Supervision Randal K. Quarles, Federal Reserve Board of Governors
Presentation Slides by ARRC Chair Sandra O’Connor
Presentation Slides by Ann Battle, International Swaps and Derivatives Association
Presentation Slides by David Bowman, Federal Reserve Board of Governors
Presentation Slides by Brian Grabenstein, Wells Fargo
Presentation Slides by Floating Rate Notes Working Group
Presentation Slides by Business Loans & CLOs Working Group
ARRC Roundtable: November 2, 2017
The ARRC hosted a roundtable at the Federal Reserve Bank of New York on November 2, 2017. The event covered the work of the ARRC, including its recommendation of the Secured Overnight Financing Rate as a robust alternative rate to U.S. dollar LIBOR, and details of its paced transition plan. Additionally, representatives of both ARRC and non-ARRC member firms discussed how the risks around LIBOR—highlighted in a speech by Andrew Bailey, Chief Executive Officer of the United Kingdom’s Financial Conduct Authority—may impact not only the interest rate derivatives market, but also a wide range of other financial products and markets.
Introductory remarks by Federal Reserve Board Governor Jerome Powell
Presentation slides by ARRC Chair Sandra O’Connor
Presentation slides and underlying data by Joshua Frost, Federal Reserve Bank of New York
Presentation slides by Scott O’Malia and Katherine Darras, International Swaps and Derivatives Association
Presentation slides by David Bowman, Federal Reserve Board of Governors
ARRC Roundtable on the Interim Report: June 21, 2016
The ARRC hosted a roundtable on its Interim Report at the Federal Reserve Bank of New York on June 21, 2016.
Introductory Comments by Federal Reserve Board Governor Jerome Powell
Presentation slides from the event