ARRC Endorses CFTC MRAC Recommendation of September 21, 2021 LIBOR-to-RFR Transition Date for Interdealer Cross-Currency Basis Swaps | Practical Law
The Alternative Reference Rates Committee (ARRC) endorsed Phase 2 of the CFTC's Market Risk Advisory Committee (MRAC) SOFR First initiative, under which interdealer cross-currency basis swaps in certain major currencies are to transition from LIBOR to their respective risk-free rates beginning September 21, 2021.