Alternative Reference Rates Committee
US interest rate benchmarks.
(ARRC).
"The ARRC is a group of private-market participants convened by the Federal Reserve Board and Federal Reserve Bank of New York in cooperation with the US Department of the Treasury, the US Commodity Futures Trading Commission, and the Office of Financial Research, to identify a set of alternative reference interest rates that are more firmly based on transactions from a robust underlying market and that comply with emerging standards such as the IOSCO Principles for Financial Benchmarks, and to identify an adoption plan with means to facilitate the acceptance and use of these alternative reference rates." - https://www.newyorkfed.org/arrc
The ARRC works with industry participants for orderly transition to SOFR from LIBOR to ensure the successful implementation of the Paced Transition Plan.
It serves as a forum to coordinate and track planning across cash and derivatives products and market participants currently using USD LIBOR.
