Sandie O’Connor will speak shortly about the ARRC’s work, but I want to emphasize that this has been a model of cooperative effort between the private sector and the public sector. When the ARRC started, the interest rate benchmarks that they would eventually narrow their choice down to did not even exist.
Those rates have not been easy to create, and as the ARRC expressed interest in a Treasury repo rate benchmark that would span the widest possible scope of the market, the Federal Reserve Bank of New York put great effort in working with the Federal Reserve Board and Office of Financial Research to create SOFR.