No mandate, no problem: SOFR swaps embrace clearing

Almost 70% of RFR derivatives cleared and half traded over Sefs in voluntary adoption of post-crisis norms

time is fluid
No rush: some are warning against an early clearing mandate for SOFR

If all goes to plan, the secured overnight financing rate, or SOFR, will be the dominant US dollar swaps benchmark by year-end, when US regulators have called for no new business to be written on US Libor. Yet a key piece of post-crisis regulation – mandatory clearing and on-venue execution – could take much longer to be applied to the instruments.

Far from a back-door rollback of post-crisis reforms, participants say the dollar swaps market now defaults to clearing and voluntarily adopts the

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