Calls grow to ease restrictions on term SOFR derivatives

Ban on interdealer trading is raising costs for end-users transitioning from Libor, banks say

SOFR divide

Market participants are calling for strict curbs on interdealer trading in term SOFR derivatives to be eased as part of a final push to transition the interest rate market away from US dollar Libor ahead of its ultimate cessation next June.

Term SOFR – the forward-looking version of the secured overnight financing rate – has been widely adopted in the US loan market. Guidelines from the Alternative Reference Rates Committee (ARRC), the Federal Reserve-backed group tasked with weaning US markets

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