“Our introduction of CME SOFR Term Rates responds directly to client demand and builds on continued liquidity growth across the SOFR ecosystem,” said Sean Tully, CME Group Global Head of Financial and OTC Products. “We are supportive of the ARRC’s forward term rate principles and believe ou...
“The identification of CME Group as the strongest proposal to administer SOFR term rates leaves one final step in this work, the ARRC’s recommendation of a forward-looking SOFR term rate. Given that continued progress in developing SOFR derivatives market liquidity is readily achievable, a recomm...
Bank of America Corporation (“BAC”) (NYSE: BAC), BofA Finance LLC (“BofA Finance”) and certain other BAC-affiliated issuers have issued and outstanding certain floating or fixed-to-floating rate debt securities, preferred stock represented by deposit
The new 12 month Term rate will complement the one month, three month and six month Term SOFR rates already supported by the US exchange CME Group has said it will launch this month a 12 month Term SOFR rate, marking the latest product from the US group as the industry prepares for life...
that, after June 30, 2023, CME Term SOFR will be the benchmark replacement rate for all outstanding floating rate and fixed-to-floating rate debt securities and preferred stock issued by The Bank of New York Mellon Corporation...
securities and preferred stock issued by The Bank of New York Mellon Corporation and The Bank of New York Mellon for which three-month U.S. dollar LIBOR serves as the reference rate used in connection with the ...
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I would just add, I think the relationships with a lot of these regional banks has definitely been something we’ve been working on as we’ve got the term SOFR benchmark here at CME Group. This is a key asset of which these individuals, these firms needed access to this rate. And so...
On July 29, 2021, the Alternative Reference Rates Committee (ARRC) formally recommended CME Group's forward-looking Secured Overnight Financing Rate (SOFR) term rates ("SOFR Term Rates"),1 marking a key step in the transition away from U.S. dollar LIBOR and providing market...
Outside of these months, money market futures do see the odd month when they account for more than 50% of activity – for example June 2019. However, even in March 2020 when rates were being slashed, money market futures only managed a 50% “market share” of CME interest rate activity...