As jurisdictions across the globe shift from legacy benchmark interest rates to alternative risk-free rates, CME Group is committed to collaborating with the industry to identify, understand, and formulate plans to help facilitate these transitions for cleared interest rate swaps. Please direct any questions or comments on these transitions to our team at ClearedSwapConversion@cmegroup.com.

Market Legacy rate Risk-free rate Cessation date Resources
EUR EONIA €STR January 3, 2022 EUR EONIA Conversion Plan
CHF
GBP
JPY
IBOR SARON
SONIA
TONA
December 31, 2021 CHF/GBP/JPY Conversion Plan
USD IBOR SOFR June 30, 2023 USD LIBOR Conversion Plan
CAD CDOR CORRA June 28, 2024

CAD CDOR Conversion Plan

CAD CDOR Operational Detail

USD BSBY SOFR November 15, 2024 USD BSBY Conversion Proposal
MXN 28D TIIE F-TIIE January 1, 2025* MXN TIIE Transition Page
PLN WIBOR WIRON December 31, 2027** Postponed

*Bank of Mexico intends to modify to 28D TIIE rate calculation from January 1, 2025 onwards while implementing trading prohibitions
**PLN WIBOR cessation date postponed to end of 2027


All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

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