SFIG answer to ARRC: we recommend ... forward-looking term SOFR

Published a couple of months ago, but I had not seen it before: SFIG answer to ARRC Consultation -New Issuances of LIBOR Securitization.

In the answer to Question 5(a) is this paragraph:
SFIG believes that for the launch of SOFR as a replacement benchmark for LIBOR to realize its highest potential for universal acceptance, it is essential for ARRC to move forward with its paced transition plan culminating in the development forward-lookingterm SOFR. We, therefore, recommend that the primary fallback for securities referencing LIBOR be forward-looking term SOFR selected, endorsed or recommended as the replacement for LIBOR by the Federal Reserve Board and/or the NY Fed, or by the ARRC. 
I would write the same for derivatives: I recommend that the primary fallback for derivatives referencing LIBOR be forward-looking term SOFR.

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