New Tradeweb/IBA benchmark tipped as ‘competitor’ to SOFR

Forward-looking risk-free rate aimed at US mortgage market could have broader applications

mortgage market

A new benchmark developed jointly by Tradeweb and Ice Benchmark Administration is being eyed as a potential alternative to the secured overnight financing rate (SOFR), the Federal Reserve’s preferred alternative to US dollar Libor.

The constant maturity Treasury (CMT) rate tracks the volume-weighted average price of on-the-run US Treasury bills, notes and bonds executed on Tradeweb’s dealer-to-client platform.

Colm Murtagh, head of US institutional rates at Tradeweb, says the CMT rate will be

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