During the Libor reform effort, bankers and traders used to hang on every word that came out of the US Alternative Reference Rate Committee (ARRC). As the group steered the market away from the discredited benchmark, it set guidelines around crucial topics such as the use of credit-sensitive rates and term versions of the secured overnight financing rate (SOFR).

The ARRC was shut down in November last year, after the official Libor transition date had passed. But don’t expect a new reference rate