Refinitiv 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.

Source: Refinitiv