Tradition to launch first SOFR order book

Streaming swap prices are a critical step to creating term rates for loan markets

Spotlight on SOFR

Exchange-style trading of swaps linked to the secured overnight financing rate, or SOFR, is set to begin on March 22, when interdealer broker Tradition plans to make them available to trade on its Trad-X platform.

SOFR swaps are currently traded via voice and request-for-quote (RFQ) protocols. The availability of continuous streaming liquidity on electronic central limit order books (Clobs) is seen as a crucial step towards shifting the market away from US dollar Libor benchmarks. That could

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