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The Alternative Reference Rates Committee ("ARRC") announced that it will not be in a position to recommend a forward-looking Secured Overnight Financing Rate ("SOFR") term rate by mid-2021. Further, the ARRC said that it cannot guarantee that it will be able to recommend an administrator to produce such a rate by the end of 2021. The ARRC urged market participants to use the tools available now, such as the SOFR averages and index data, and not to wait for a forward-looking term rate for new contracts.
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