Earlier  this year, I gave a speech that described this supervisory letter also www.federalreserve.gov/newsevents/speech/quarles20210322a.htm. Return to text  in  detail. See  8 The Federal Reserve Bank of New York began publishing SOFR in April 2018. Return to text 9  See www.newyorkfed.org/medialibrary/Microsites/arrc/files/2021/ARRC_Press_Release_Term_SOFR.pdf. Return to text 10 See www.federalreserve.gov/supervisionreg/files/quarles-libor-presentation-20210611.pdf. Return to text 11 See www.federalreserve.gov/supervisionreg/srletters/SR2025.htm.
Return to text 12 The Federal Reserve recognizes that market participants cannot fix some legacy LIBOR contracts. In particular,  there are approximately $ trillion of so-called “tough” legacy contracts that mature after LIBOR ends, but lack workable fallback language to address the end of LIBOR.