US stumbles in pursuit of term SOFR

Flaky swaps liquidity sees June 2021 target slip; CME claims indicative settings already meet international standards

Replacing the Libor benchmark with risk-free rates was always going to be a delicate manoeuvre, requiring precision timing and close co-ordination between financial market participants. But fears are growing that the US is falling out of step – dangerously so – in some of its efforts to adopt its chosen alternative rate.

The working group in charge of finding a substitute for US dollar Libor has admitted it won’t hit its June 2021 deadline to approve a forward-looking version of the risk-free

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