Mr. Held would like to thank his other colleagues at the Federal Reserve who  provided comments and corrections. 2 Michael Held, SOFR and the Transition from LIBOR, February 26, 2019.  https://www.newyorkfed.org/newsevents/speeches/2020/hel200929  5/6  30/09/2020  The LIBOR Countdown Has Not Stopped - FEDERAL RESERVE BANK of NEW YORK  3 FCA, Impact of the coronavirus on firms' LIBOR transition plans, March 3, 2020; see also Letter from Randal Quarles to G20  Finance Ministers and Central Bank Governors 4 Libor death notice could be served this year--FCA, Risk.net, June 22, 2020. 5 FSB Statement on the Impact of Covid-19 on Global Benchmark Reform, July 1, 2020. 6 ARRC Recommended Best Practices for Completing the Transition from LIBOR. 7 For example, see Internal Systems & Processes: Transition Aid for SOFR Adoption and the Practical Implementation Checklist for  SOFR Adoption. 8 Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition. 9 Statement by Rishi Sunak, Chancellor of the Exchequer, June 23, 2020. 10 Edwin Schooling Latter, LIBOR transition-the critical tasks ahead of us in the second half of 2020, August 3, 2020. 11 Commission's proposal to amend EU rules on financial benchmarks. 12 Fact Sheet: IBOR Fallbacks. 13 ARRC Announces Recommendation of a Spread Adjustment Methodology for Cash Products; ARRC Announces Further Details  Regarding it Recommendation of Spread Adjustments for Cash Products. 14 ARRC Releases Request for Proposals for the Publication of Forward-Looking Term Rates.
It raises the prospect of LIBOR continuing under a new methodology as “synthetic LIBOR,” at least in some currencies. But the FCA itself has warned that whatever it does will not be an alternative to firms’ transition efforts, and that any synthetic continuation of LIBOR will still not be deemed to be a representative rate.10 The FCA has said that any action it takes will be focused on contracts that cannot feasibly be amended by the parties to mitigate the effects of LIBOR cessation. It will not provide a solution for new contracts. And even at that, it will not necessarily address every LIBOR setting or currency. For those it does reach, users will be giving up control of the economics of their contracts to whatever the new methodology may be. In short, if you rely on these new powers to take care of your LIBOR contracts, you may not get what you want, and you may not like what you get. The message is clear: you must still do everything you can, right now, to anticipate the end of LIBOR and take control of your own risks. https://www.newyorkfed.org/newsevents/speeches/2020/hel200929  2/6  30/09/2020  The LIBOR Countdown Has Not Stopped - FEDERAL RESERVE BANK of NEW YORK  In the European Union, there is draft legislation that is similar in approach to the ARRC’s proposed New York law.