U.S. Fed to publish Libor alternatives April 3

FILE PHOTO: The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque/File Photo

NEW YORK (Reuters) - The U.S. central bank will begin publishing on April 3 reference rates based on the repurchase agreements backed by Treasury securities, which are seen as alternatives to the London interbank offered rate (LIBOR), the New York Federal Reserve said on Wednesday.

The Fed, together with the Treasury Department’s Office of Financial Research, have developed three Treasury repo reference rates: the Secured Overnight Financing Rate (SOFR), the Broad General Collateral Rate (BGCR) and the Tri-Party General Collateral Rate (TGCR).

Reporting by Jonathan Spicer and Richard Leong