June 20, 2023
Refinitiv to transition prototype USD IBOR Consumer Cash Fallbacks to production status on July 3, 2023
NEW YORK, June 20, 2023 – Refinitiv today announced that effective July 3, 2023, all Refinitiv USD IBOR Consumer Cash Fallbacks currently in prototype status will transition to production and the spread adjustment will follow a one-year linear transition towards the long-term fixed value. Firms with an appropriate license can use these rates in financial contracts.
Refinitiv produces the official Alternative Reference Rates Committee (ARRC) recommended spread-adjusted fallback rates, which match the benchmark replacements selected by Federal Reserve Board in its rules implementing the LIBOR Act. These rates are published under the name Refinitiv USD IBOR Cash Fallbacks.
Jacob Rank-Broadley, Head of LIBOR Transition, Benchmarks & Indices at Refinitiv, said: “With all remaining US dollar LIBOR settings ceasing or no longer representative after June 30, 2023, it is critical that firms with legacy US dollar LIBOR cash products secure the rights to use suitable replacement benchmarks.”
Firms can receive Refinitiv USD IBOR Cash Fallbacks through the full suite of Refinitiv products, including Refinitiv Workspace, Refinitiv Eikon, Refinitiv Real-Time and Refinitiv DataScope as well as via the Refinitiv website.
For more information about the Refinitiv USD IBOR Cash Fallbacks, please visit here.
Refinitiv has many years’ experience designing, calculating, governing, administering and publishing financial benchmarks that lie at the heart of the global financial system. For more information about Refinitiv benchmarks, visit here.
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.refinitiv.com.
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