CME wins term SOFR race

Fed-backed working group puts term rate back on track, but low volumes keep endorsement on hold


The Federal Reserve-backed group tasked with weaning US markets off Libor has moved to put plans for a forward-looking version of its chosen replacement rate back on track, with the selection of CME Group as its preferred provider of a benchmark deemed vital for legacy rate transition.

In a statement earlier today (May 21), the Alternative Reference Rates Committee (ARRC) announced its choice of CME as the administrator for term SOFR, the secured overnight financing rate, ahead of rival

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