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On March 2, 2020, the Federal Reserve Bank of New York, in cooperation with the Treasury Office of Financial Research, began publishing Secured Overnight Financing Rate compound averages for tenors of 30.
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On March 2, 2020, the Federal Reserve Bank of New York (the
"NY Fed"), in cooperation with the Treasury Office of
Financial Research, began publishing Secured Overnight Financing Rate
("SOFR") compound averages for tenors of 30, 90 and 180
days, as well as a SOFR Index, to be used in connection with the NY
Fed-issued formula to determine SOFR compound averages over custom
periods.
Additionally, the NY Fed confirmed that it (i) adopted policies
and procedures consistent with best practices for financial
benchmarks, including the IOSCO Principles for Financial
Benchmarks, and (ii) intends to update its IOSCO Statement of
Compliance in the coming months to include the SOFR averages and
index.
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