CME launches term SOFR curve as clearing talks ebb

Give-and-get pricing tool addresses pressing transparency need in $2.5 trillion swaps market

Chicago Mercantile Center with open bridge
The Monroe Street bridge opens next to the Chicago Mercantile Center
Bex Walton/Wikimedia/https://shorturl.at/5Hzo9

CME has developed a new pricing curve for swaps linked to a term version of the secured overnight financing rate, or SOFR, in a bid to bolster transparency in a market where strict trading curbs mean there are no electronic price streams.

The initiative comes amid rapid growth in the market for term SOFR, which now underpins $9 trillion of financial contracts, including $2.5 trillion of swaps notional. Alongside increased usage, calls for pricing visibility have overshadowed parallel discussions

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