The publication of the Alternative Reference Rates Committee's (ARRC) cash product consultations marks a significant step in the progress of the transition to alternative reference rates. In responding to the consultations, market participants should consider both the operational feasibility of the amendment approach and the practicality of the hardwired approach, both in the period up to cessation of LIBOR and on the final transition date. The ARRC has requested specific feedback from respondents on the additional needs required to facilitate the acceptance and implementation of the hardwired waterfall methodology, including further development of the term SOFR market.
Banking and Capital Markets Leader, PwC United States
Tel: +1 (646) 471 8488
Partner, PwC United States
Tel: +1 (646) 471 5086
US Financial Markets Practice Leader, Partner, PwC United States
Principal, Financial Markets, PwC United States