CME preps April Eurodollar conversion
US exchange selects April 14, 2023 to flip open interest in heavily traded Libor contracts to SOFR
CME plans to pull the plug on its vast Eurodollar empire on April 14, 2023, when most remaining futures and options benchmarked to three-month US Libor will be forcibly shunted onto the secured overnight financing rate, or SOFR.
The proposed timeline, which is subject to consultation among users, would flip contracts expiring after June 2023 to the successor risk-free rate (RFR) more than two
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