New York Fed Updates Statement on IOSCO Compliance for Administered Reference Rates

The Federal Reserve Bank of New York (New York Fed) today updated its Statement of Compliance with the IOSCO Principles for Financial Benchmarks. An independent audit by the New York Fed's Audit Group determined that reference rates such as the Effective Federal Funds Rate (EFFR), Secured Overnight Financing Rate (SOFR), and others, comply with the Principles, aiming to maintain transparency in benchmark administration.