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  • New York

    • 919 Third Avenue
    • New York, NY 10022
    • United States of America
      • +1 212.756.2000 Phone
      • +1 212.593.5955 Fax
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    • 901 Fifteenth Street, NW, Suite 800
    • Washington, DC 20005
    • United States of America
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    • One Eagle Place
    • London SW1Y 6AF
    • United Kingdom
      • +44 (0) 20 7081 8000 Phone
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On July 21, 2021, the Alternative Reference Rates Committee (“ARRC”) endorsed the CFTC’s Market Risk Advisory Committee’s (“MRAC”) recommendation that interdealer trading conventions for cross-currency basis swaps between U.S. dollar, Japanese yen, sterling, and Swiss franc LIBOR move to each currency’s risk-free rate (“RFR”) as of Sept. 21, 2021. This move in cross-currency basis swap trading conventions is the second phase in the SOFR First initiative, previously recommended by MRAC on July 13, 2021.

The ARRC has previously recommended conventions for RFR-based cross-currency basis swaps, and there have already been a number of such swaps using those conventions. Following the Sept. 21, 2021 move, it is expected that all interdealer trading of cross-currency basis swaps between U.S. dollar, Japanese Yen, sterling, and Swiss franc will be based on these conventions and will reference the Secured Overnight Financing Rate (“SOFR”), the Tokyo Overnight Average rate (“TONA”) the Sterling Overnight Index Average rate (“SONIA”), and the Swiss Average Rate Overnight (“SARON”) rather than LIBOR.

Key Publication

ARRC Endorses MRAC Recommendations for September 21 “RFR First” Move of Interdealer Cross-Currency Swap Market Trading Conventions