LIBOR Transition Summary 


In 2017, the Financial Conduct Authority (FCA), which regulates LIBOR, announced it would no longer guarantee LIBOR production beyond 2021. The impending end of LIBOR has become a key issue facing financial markets as it is one of the most widely used reference rates, with nearly $200 trillion of derivatives, loans, securities, and mortgages referencing USD LIBOR (as of 2016). With such a considerable volume of contracts tied to LIBOR, a smooth transition from LIBOR to a new reference rate is crucial to the stability of financial markets.

The Federal Reserve tasked the Alternative Reference Rate Committee (ARRC), a group of market participants, with developing a rate to replace LIBOR and ensuring a successful transition. In 2017, the ARRC identified the Secured Overnight Financing Rate (SOFR) to be the recommended successor rate to USD LIBOR.

Since SOFR was identified to replace LIBOR in the United States, a paced transition plan has been underway and led by the ARRC. As LIBOR is wide-spread throughout the financial markets, it is possible that members will be affected by the transition. FHLBank Chicago published Frequently Asked Questions and a Transition Primer PDF to inform our members on the transition progress, market developments, and suggested action items from ARRC and ISDA.

FHLBank Chicago is continually monitoring SOFR developments from ARRC and in the markets and will continue to update our members.

    FHLBank Chicago LIBOR Transition Resources

    Presentations and Webinars

    Recent LIBOR Transition News

    2021 News
    2020 News
    2019 News


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