5.21.21
On May 21st, the Alternative Reference Rates Committee (ARRC) announced that it has selected CME Group as the administrator it plans to recommend for a forward-looking Secured Overnight Financing Rate (SOFR) term rate, once market indicators for the term rate are met. The announcement builds on the ARRC’s previous term rate principles and term rate market indicators— which together aim to “provide clear guidance that would allow the ARRC to recommend a SOFR-based term rate relatively soon.”