CME unveils term SOFR in face of ARRC doubts

Exchange group says benchmark aligns with ARRC principles – but committee has pushed back endorsement plans

Term-SOFR-settings montage

CME has forged ahead with its term version of SOFR – the official replacement for US dollar Libor – just a month after a regulator-backed working group said it would not be able to endorse such a rate before year-end.

The Alternative Reference Rates Committee, which is tasked with weaning US markets off Libor, last month pushed back its planned June 2021 endorsement of a term SOFR benchmark. It argued the rate would not be robust as there was not enough volume in the derivatives that would

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