CME’s term SOFR rate gets the official nod

Endorsement comes just three days after ‘SOFR first’ drive, cementing availability in fallbacks

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The Federal Reserve-backed working group tasked with steering US markets away from Libor has officially endorsed CME’s term version of the secured overnight financing rate, or SOFR. The move comes just three days after the start of the ‘SOFR first’ initiative, which saw swap quoting conventions in the interdealer market switch to the risk-free rate (RFR).

“We see a very clear shift in dealer behaviour in the interdealer market on quoting and we’re seeing SOFR pricing very tight, in some cases

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