Officials overseeing the U.S. transition away from the London interbank offered rate have formally endorsed a series of forward-looking term benchmarks tied to the Secured Overnight Financing Rate, a move many anticipate will propel its wider adoption across markets.
The Federal Reserve-backed Alternative Reference Rates Committee on Thursday ratified CME Group Inc.’s term rates for one-, three- and six-month tenors based on SOFR futures traded. The recommendation comes following the completion of a key change in interdealer trading conventions on July 26, the first phase under the ‘SOFR First’ initiative.
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July 29, 2021 at 09:00PM
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Libor Transition Reaches Key U.S. Milestone With SOFR Term Rate - Bloomberg
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