Cme group statement on arrc formal recommendation of cme term sofr reference rates

Chicago, july 29, 2021 /prnewswire/ -- 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 september 2020," said sean tully, cme group global head of financial and otc products. "the arrc's formal recommendation of cme term sofr reference rates is an important milestone for the industry and the continued development of the broader sofr ecosystem.
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