CME Group, the world's leading and most diverse derivatives marketplace, today issued the following statement in response to the Alternative Reference Rates Committee's (ARRC) formal recommendation of CME Term SOFR Reference Rates for use based on their previously outlined best practices:
"We are pleased to be selected by the ARRC to play this important role and have been delivering robust, forward-looking SOFR term rates to the industry, based on our deep and liquid underlying CME SOFR futures market, since
Since their introduction a little more than three years ago, participation in CME SOFR futures has developed rapidly with more than 600 participants globally trading the product. A record 118,000 SOFR futures contracts traded on average each day during Q2 2021, up 200% year over year, and including a single-day trading volume record of 342,000 contracts on
For more information about CME Term SOFR Reference Rates visit www.cmegroup.com/termsofr.