CFTC Acting Chairman Giancarlo Applauds ARRC’s Decision On New Reference Rate

CFTC Acting Chairman J. Christopher Giancarlo released the following statement on the Alternative Reference Rate Committee announcement:

"I applaud the important work and the thoughtful consideration of the ARRC in selecting a strong alternative reference interest rate to replace Libor. A broad Treasuries repo rate will encourage a wide range of market participants to use this reference rate, which will strengthen our financial system. I look forward to the ARRC's final report later this year."