ARRC publishes results of vendor readiness for SOFR transition

ARRC Releases Best Practices for Vendors’ Transition to SOFR and Vendor Readiness Survey Results

The Alternative Reference Rates Committee (ARRC) today released recommended best practices for technology and operations vendors relevant to the transition from U.S. dollar (USD) LIBOR to the ARRC’s recommended alternative, the Secured Overnight Financing Rate (SOFR). The ARRC also released results from its recent vendor readiness survey on the status of work underway to facilitate the transition.

Main results:

  1. Overall, responding vendors described themselves as having good awareness of the LIBOR transition1 and noted that they have assessed the potential effects on their products and services.
  2. Almost all vendors said that they have a good understanding of the key enhancements needed.
  3. Vendors reported work on applications at all stages of development.
  4. Most vendors have considered backward compatibility and incorporated transition work into upcoming release schedules.

The full document is available at https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2020/ARRC_Vendor_Survey_to_Assess_Readiness_SOFR_Transition.pdf

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