Cme group completes key milestones in conversion of eurodollar futures, options and cleared swaps to sofr-based derivatives

7.5 million contracts in eurodollar oi and $4 trillion in cleared usd libor swaps successfully converted to sofr in april sofr futures and options open interest reaches 48 million contracts cme term sofr use exceeds $3.7 trillion in loans, 2,400 licensed firms chicago , april 24, 2023 /prnewswire/ -- cme group , the world's leading derivatives marketplace, today announced that it successfully converted 7.5 million contracts of eurodollar futures and options open interest and $4 trillion in cleared usd libor swaps to corresponding sofr derivatives in april. "with the successful completion of these conversion milestones, we are taking a major step forward in completing the industry's adoption of sofr as the leading u.s. dollar interest rate benchmark," said agha mirza, cme group global head of rates and otc products.
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