CME Term SOFR Rates
Use the global benchmark for new U.S. dollar lending as implied by transactions in derivatives markets and endorsed by the ARRC.
CME Term SOFR has been widely adopted to replace USD LIBOR for new business loans, credit facilities, and as a fallback rate for legacy LIBOR loans.
Contact us to understand license types, key terms, and agreements that are required for use of CME Term SOFR.
Data as of April 20, 2023
$3.9T
IN LOANS*
~9,100+
TOTAL LICENSES ISSUED
2,500+
FIRMS UNDER LICENSE
$1.31T
IN OTC DERIVATIVE HEDGES**
CME Group does not warrant the accuracy or completeness of the information.
*Source: Refinitiv Deals Screener.
** Source: SBSDRView from Clarus.
Find out if a license is required
Evaluate whether you plan to use the benchmark in cash market financial products, OTC derivatives, or the provision of a service.
Learn how CME Term SOFR can be used today
Find out which of the three licensing categories best suits your needs.
Choose your access option
Display and Non-Display licensing options are available.
Reliable
Create cash products using reliable reference rates built to perform in all market conditions, including illiquid and negative rates markets.
Robust
Use rates built on bona fide transactions executed by a diverse range of market participants, making them representative and resistant to manipulation.
Transparent
Capitalize on rates that are determined using a transparent calculation methodology designed to ensure yield curve integrity.
Term SOFR Rates Values
BMR compliant, aligned with the IOSCO principles, and ready to use in cash market products, CME Term SOFR Reference Rates provide an indicative, forward-looking measurement of SOFR rates, based on market expectations implied from leading derivatives markets.
In accessing this proprietary data from this website, you acknowledge you have read and agree to all CME Data Terms of Use. To discuss licensing options, please contact CME Data Sales.
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.
*The SOFR and SOFR AVERAGES data is sourced from newyorkfed.org and is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the SOFR and SOFR AVERAGES data by CME Group, does not sanction or endorse any particular republication, and has no liability for use.
Frequently Asked Questions
Learn all you need to know about how to access Term SOFR and whether you need a license.
Case Studies
Educational Resources
Watch a video with step-by-step instructions on how to license CME Term SOFR Reference Rates.
Podcast
The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward-looking, risk-free benchmark to support their activities.
In this podcast you will learn how to efficiently transition from USD LIBOR, the opportunities this robust and transparent rate creates for corporate treasurers, and the pitfalls to avoid on your transition journey.
LISTEN NOW
Transitioning a Corporate from LIBOR to CME Term SOFR
Resources
Methodology and Statements
Licensing and Fees
FAQ and Guides
How to access
Direct from CME Group
Real-time data via CME Market Data Platform and Smart Stream on Google Cloud Platform.
Delayed and historical data via CME DataMine.
Bloomberg
1 Month
TSFR1M
3 Month
TSFR3M
6 Month
TSFR6M
12 Month
TSFR12M
Refinitiv
1 Month
.SR1M
3 Month
.SR3M
6 Month
.SR6M
12 Month
.SR1Y
1 Month
TR1
3 Month
TR3
6 Month
TR6
12 Month
T1Y
A robust underlying data set
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 contracts underpinning Term SOFR calculations (first 13 SR1 and first 5 SR3) averaged $1.6 trillion in representative notional per day in Q4 2022.
View historical data
How CME Term SOFR works
Learn more about Term SOFR, how the data is collected, how it's computed and when it's published.
Oversight Committee
The oversight committee will provide independent governance, and challenge to the Administrator on all aspects of the benchmark determination process in accordance with the Oversight Committee Terms of Reference.
Owain Johnson (Chair)
CME Group Research & Product Development
Harriet Hunnable
Independent
Prof. Robert Merton
Independent
Udesh Jha
CME Group Post-Trade Services Risk Management
Meredith Coffey
LSTA
Dr. Sam Priyadarshi
Independent
Agha Mirza
CME Group – Interest Rate Products
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