Anything not converted is probably because the sheer entrenchment of libor throughout the code as opposed to any nefarious reasons. There's probably a ton of old code that needs to be changed.
The ISDA-Clarus RFR Adoption Indicator tracks how much global derivatives trading activity is conducted that reference the identified risk-free rates (RFRs) (OE on US called is called SOFR) in six major currencies.
Monthly Reports
February 2023
About 50% of Derivatives volume is traded with SOFR change rather than LIBOR
On a somewhat related but slightly different topic, as I think this one is a nothing-burger, there was discussion today (internal) and the person was talking about svb. He said that one issue was HTM - Held to Maturity, where I guess you don't have to value assets that you plan to hold until maturity and that's why things were looking good, until they didn't. I don't know anything about this. Just did a google search and found this:
You may also see what you find at isda.org. For instance:
https://www.isda.org/2022/05/16/benchmark-reform-and-transition-from-libor/
Anything not converted is probably because the sheer entrenchment of libor throughout the code as opposed to any nefarious reasons. There's probably a ton of old code that needs to be changed.
So if I'm not mistaken, on your link
The ISDA-Clarus RFR Adoption Indicator tracks how much global derivatives trading activity is conducted that reference the identified risk-free rates (RFRs) (OE on US called is called SOFR) in six major currencies.
Monthly Reports
February 2023
About 50% of Derivatives volume is traded with SOFR change rather than LIBOR
https://www.isda.org/a/aaJgE/ISDA-Clarus-RFR-Adoption-Indicator-February-2023.pdf
Page 2 of the Whitepaper says USD RFR is SOFR
Not sure, I didn't check it out. I provided the isda link because an isda working group was running the libor -> arr effort.
Alright well in any case thanks for the link! I never would've found that on my own.
On a somewhat related but slightly different topic, as I think this one is a nothing-burger, there was discussion today (internal) and the person was talking about svb. He said that one issue was HTM - Held to Maturity, where I guess you don't have to value assets that you plan to hold until maturity and that's why things were looking good, until they didn't. I don't know anything about this. Just did a google search and found this:
https://tax.thomsonreuters.com/news/silicon-valley-banks-failure-sparks-speculation-that-fasb-accounting-rules-for-held-to-maturity-debt-securities-should-be-revised/
Seems like if you could find out what other banks/investment firms use this for many of their assets you might know which ones could be in trouble.
Thanks! I'm going to be looking this over!