Article summary
The Commodity Futures Trading Commission’s (CFTC) Interest Rate Benchmark Reform Subcommittee has recommended that 26 July 2021 should be used for transitioning interdealer swap market trading conventions from LIBOR to SOFR. Specifically, the Subcommittee recommends that on this date, and going forward, that interdealer brokers replace trading of LIBOR linear swaps with trading of SOFR linear swaps. In addition, the Subcommittee has also recommended keeping interdealer broker LIBOR linear swap screens available only for informational purposes after 26 July 2021 and turning the screens off altogether after 22 October 2021.
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