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Important dates

Keep these dates in mind as the LIBOR to SOFR transition approaches.

Click on the dates to collapse and expand information.

Q2 2023


Cessation of remaining LIBOR tenors


December 2021

Cessation of one-week and two-month LIBOR. LIBOR based loans no longer being originated.

March 5th

ICE Benchmark Administration (IBA) states the definitive end of LIBOR; ISDA subsequently announces fixing of spread adjustments [Resource] [Resource]

January 25th

ISDA IBOR Fallbacks Supplement "Effective Date". Deadline to adhere to Protocol without a $500 fee.

First Half 2021

Proposed Release of Term (forward-looking) SOFR

Q4 2020

December 31st

Final day for Fannie Mae and Freddie Mac to purchase LIBOR indexed loan

October 23rd

ISDA published IBOR Fallbacks Supplement and IBOR Fallbacks Protocol [Fallbacks Supplement] [Fallbacks Protocol]

October 19th

Both derivatives clearing houses, LCH and CME, will convert their discounting methodology for all USD based derivatives from Fed Funds to SOFR. This should create more liquidity for a SOFR swap market. [Resources]

Q3 2020

September 30th

Final day for Fannie Mae and Freddie Mac LIBOR loans to go under application

September 1st

Freddie Mac no longer quoting LIBOR indexed loans, all new quotes will be SOFR indexed


ISDA to publish definitions for fallback triggers, rates and spread adjustments [Resources]


Bloomberg began publishing ISDA SOFR spread adjustment [Resources]

Q2 2020


ARRC released revised fallback language recommendations for loans [Resources] Agency: Freddie Mac/Fannie Mae LIBOR Transition Playbook [Resources]



ARRC released "Practical Implemenation Checklist" for SOFR adoption [Resources]


Second Half 2018

LCH /CME began clearing the first SOFR swaps


NY Fed began publishing SOFR rate [Resources]


AARC formed to assess LIBOR phaseout and research alternative rate indices