
Expansion of ‘SOFR First’ to Eurodollars faces resistance
Non-banks may prove immune to regulatory arm-twisting in fourth wave of transition for listed markets

The final phase of the US market’s move towards the secured overnight financing rate will see the exchange-traded futures market switch away from using US dollar Libor, but market participants say it may prove tricky due to the limited sway regulators have over market-makers in the instruments.
The first two waves of ‘SOFR First’ have successfully tilted swaps and cross-currency activity towards the risk-free successor, yet traders worry it may be more difficult to wrench a largely non-bank
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