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REPEAT: Fed Considers Proposal to Replace LIBOR w/ Repo Rates

(MNI) WASHINGTON
Repeats Story Initially Transmitted at 19:00 GMT Aug 24/15:00 EST Aug 24
--Requests Public Input on 3 New Rates
--Secured Overnight Financing Rate Selected by Banks as LIBOR Alternative
By Jean Yung
     WASHINGTON (MNI) - The Federal Reserve Board on Thursday gave formal notice
that it will consider a proposal by the New York Fed and the Office of Financial
Research to publish three new reference rates based on overnight repurchase
agreement transactions, one of which will likely serve as the successor to LIBOR
as a benchmark reference rate for financial transactions. 
     That rate, the most comprehensive of the three, is to be called the Secured
Overnight Financing Rate, or SOFR, the Fed said. It was selected in June by 15
commercial banks as their recommended alternative to the U.S. dollar London
interbank offered rate, the market for which had not only become less viable but
had also been discredited in recent years by charges of rate-rigging.
     "SOFR will be derived from the deepest, most resilient funding market in
the United States. As such, it represents a robust rate that will support U.S.
financial stability," Fed Gov. Jerome H. Powell said in a statement. 
     All three rates are based on transactions secured by Treasuries and are
intended to reflect the cost of short-term secured borrowing in highly liquid
and robust markets, the Fed said. The New York Fed intends to begin publication
by mid-2018, it said. 
     In publishing the notice in the Federal Register, the Fed said it is
requesting comment to help it consider and develop the proposal. Any member of
the public can submit comments in the next 60 days. 
     The SOFR would include tri-party repo data from Bank of New York Mellon and
cleared bilateral and GCF Repo data from the Depository Trust & Clearing Corp.
     The other two rates are the Tri-party General Collateral Rate (TGCR), which
is based solely on triparty repo data from BNY Mellon, and the Broad General
Collateral Rate (BGCR), which is based on the triparty repo data from BNY Mellon
and cleared GCF Repo data from DTCC.
     The Fed publish a notice of proposed rulemaking in the Federal Register
requesting comment on provisions of each of the rules.
--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
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