Volume ‘non-existent’, but SOFR backers are upbeat

ARRC members say despite appearances, SOFR is ahead of schedule and liquidity will come

Image of a dollar sign made of water
Liquidity in SOFR swaps has been slow to develop

An industry group tasked with replacing US dollar Libor is confident that liquidity in interest rate swaps linked to the secured overnight financing rate (SOFR) will begin to percolate, despite scant volume so far.

Ann Battle, assistant general counsel at the International Swaps and Derivatives Association, said the transition to SOFR is actually ahead of schedule.

“We have to remember that SOFR is only about 11 months old,” she said. “Trading volumes were somewhat higher last year than

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