Commodity Futures Trading Commission announces public MRAC meeting

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Commodity Futures Trading Commission (CFTC) officials said the agency’s Market Risk Advisory Committee (MRAC) would conduct a public meeting via teleconference on Sept. 9.

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At the meeting, the MRAC will receive a status report from the Interest Rate Benchmark Reform Subcommittee while voting on its recommendation regarding plain-English disclosure materials. The MRAC will also discuss other issues involving the transition from the London Inter-bank Offered Rate (LIBOR) to risk-free reference rates, including central counterparty (CCP) adjustments to discounting/price alignment interest and the clearing treatment for certain physically-settled swaptions.

“On September 9th, the MRAC will consider the first recommendation from the Interest Rate Benchmark Reform Subcommittee regarding disclosures included with new derivatives that reference LIBOR and other IBORs,” CFTC Commissioner Rostin Behnam, the MRAC’s sponsor, said. “I appreciate the Subcommittee’s hard work in developing these plain-English disclosures for use by market participants, and commend them for this important contribution to the benchmark reform effort.”

The session is also expected to address other issues involving the transition from the London Inter-bank Offered Rate (LIBOR) to risk-free reference rates, including central counterparty (CCP) adjustments to discounting / price alignment interest and the clearing treatment for certain physically-settled swaptions.

The CFTC is encouraging the public seeking to submit written statements in connection with the meeting to submit them by Sept. 16, 2019.

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