CME Term SOFR Reference Rates
CME Term SOFR Reference Rates provide an indicative, forward-looking measurement of SOFR rates, based on market expectations implied from leading derivatives markets.
CME Term SOFR Reference Rates are administered by CME Group Benchmark Administration Limited (CBA) which is registered under Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) is authorized and supervised by the UK Financial Conduct Authority (FCA) and is aligned to the IOSCO Principles for Financial Benchmarks.
In accessing this proprietary data from this website, you acknowledge you have read and agree to all CME Data Terms of Use.
Real-time data via CME Market Data Platform and Smart Stream on Google Cloud Platform.
Delayed and historical data via CME DataMine and the CME Group website here.
Licensing information:
- Available today for licensing for use in cash market transactions.
- Licensing for cash market products will be available at no cost through December 2026. Thereafter, CME will assess any need to impose reasonable fees so as to offset any direct costs associated with the continued oversight and administration of Term SOFR Reference Rates.
- Licensing for permissible OTC derivatives will be based on UK FRAND principles, with a fee structure and licensing terms to be developed and published in the near future.
Please contact CME Group Data Sales to discuss access, use, and distribution licenses.
CME Term SOFR Reference Rates are derived from CME SOFR futures, an increasingly robust and resilient underlying data set. Bolstered by a deep and diverse pool of market participants, volume in CME SOFR futures averaged $218 billion in representative notional* per day in H1 2021.
*Notional shown for illustrative purposes only, computed based on the value of an equivalent money market instrument with the same dollar-value-of-basis-point (DV01)
For more information, please contact TermSOFR@cmegroup.com or the following individuals:
Gavin Lee, Head of CME Benchmark & Index Services
Gavin.Lee@cmegroup.com
+44 20 3379 3738
Ted Carey, Senior Director, Interest Rate Products
Ted.Carey@cmegroup.com
+1 212 299 2020
Mark Rogerson, Executive Director, Interest Rate Products
Mark.Rogerson@cmegroup.com
+44 20 3379 3795
Agha Mirza, Managing Director and Global Head of Interest Rate Products
Agha.Mirza@cmegroup.com
+1 212 299 2833
CME SOFR futures are the leading source of price discovery and liquidity on the Secured Overnight Financing Rate, trading alongside liquid Eurodollar, Fed Fund and Treasury futures for seamless spreading and capital efficiencies.
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