CME Term SOFR Reference Rates

BMR compliant, aligned to 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.

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.

CME Term SOFR Reference Rates

Resilient

Can be produced in all market conditions including periods of market fragmentation, illiquidity or negative interest rates.

Robust

Resistant to manipulation and anchored in bona fide, arms-length transactions and executable quotes. Expert judgement is not used.

Coherent

The integrity of the shape of the yield curve is maintained throughout the calculation process while utilizing all possible transaction data.

Daily updated Term SOFR values

In accessing this proprietary data from this website, you acknowledge you have read and agree to all CME Data Terms of Use

Access CME Term SOFR Reference Rates

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 and the CME Group website here.

Access on Bloomberg:

1 Month: SR1M Index <GO>

3 Month: SR3M Index <GO>

6 Month: SR6M Index <GO>

Access on Refinitiv:

1 Month: 1TWRZ50

3 Month: 1TVRZ50

6 Month: 1TZRZ50

License CME Term SOFR Reference Rates

Licensing information:

  • Available today for licensing, with use limited to cash market transactions initially until June 30, 2023
  • Any expansion in use cases beyond cash markets after this initial period will be communicated to the market accordingly
  • 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
  • View our FAQ for additional information

Please contact CME Group Data Sales to discuss access, use, and distribution licenses.

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 averaged $232 billion in representative notional* per day in Q1 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)

View and download historical data

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    Contact us

    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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