Refinitiv Announces the Launch of USD IBOR Cash Fallbacks Prototype

Refinitiv, a leading financial markets data and infrastructure provider, announced that it has launched USD IBOR Cash Fallbacks prototype to facilitate industry transition from USD LIBOR.

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On March 5, 2021, the Financial Conduct Authority (FCA), the regulator of LIBOR, announced the dates that panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available.

The USD IBOR Cash Fallbacks prototype, which was designed to create a family of US Dollar (USD) fallback rates for use in cash markets, will support market participants including lenders and borrowers with their migration away from USD LIBOR.

There are two versions of the Refinitiv USD IBOR Cash Fallbacks: Refinitiv USD IBOR Consumer Cash Fallbacks, which is for consumer cash products, and Refinitiv USD IBOR Institutional Cash Fallbacks, which is for institutional cash products. Both will be published to 5 decimal places.

“We are delighted to have worked with the ARRC and the Federal Reserve to produce a family of prototype fallback rates for cash products that can support the industry migration of existing exposures away from USD LIBOR,”said Jacob Rank-Broadley, Head of LIBOR Transition, Benchmarks & Indices at Refinitiv.

This week, Refinitiv announced that it has combined GIACT's EPIC platform with World-Check​ to deliver a multi-dimensional view of consumer and business identity, payments, and compliance risk, across the customer lifecycle.