

SOFR swaps traded volume hit new high in January
In January, $222.7 billion of swaps linked to the secured overnight funding rate (SOFR) changed hands, the highest notional volume on record, surpassing last October’s total by more than $5 billion.
The majority of SOFR-linked instruments traded last month were swaps covering the basis between SOFR and other floating rates, like Libor. Overnight index swaps (OIS) were the second-most traded, followed by SOFR cap and floor products.
Basis swaps saw particularly active trading, with volumes of
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