The CFTC voted to establish the Interest Rate Benchmark Reform Subcommittee ("Subcommittee").
The Subcommittee will provide recommendations to the CFTC's Market Risk Advisory Committee about (i) ongoing efforts to transition U.S. dollar derivatives and related contracts to the secured overnight financing as an alternative to LIBOR and (ii) the impact that such a transition will have on liquidity in the derivatives markets.
Nominations for membership to the Subcommittee must be submitted by October 16, 2018.
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