Dealers back ‘SOFR first’ in bid to jump-start new rate adoption

Term SOFR recommendation would follow “in days, not weeks” of US swaps quoting convention switch

SOFR-first-by-end-July

Large banks are rallying behind a July 26 deadline for cementing the secured overnight financing rate, or SOFR, as the primary benchmark when quoting US dollar swaps in the interdealer market.

The so-called “SOFR first” initiative, backed by the Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) and announced on June 8, calls on interdealer brokers to switch US dollar swap quoting conventions to SOFR in an effort to bolster “disappointing” liquidity in the Federal

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: