SOFR swaps surge past $1 trillion weekly

OIS make up the majority of SOFR-referencing swaps

Swaps trading referencing the US dollar Libor replacement rate exceeded $1 trillion notional for the first time last week, after weekly trading looked to have plateaued at around the $800 billion mark in the month prior.

Trades referencing the secured overnight financing rate (SOFR) reached $1.06 trillion notional for the week ending February 13, according to figures from the Depository Trust & Clearing Corporation’s (DTCC) swap data repository.

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The share of SOFR activity, expressed

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