
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

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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