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CME Group Launches New U.S. Overnight Funding Benchmark
CME Group introduced a new benchmark rate on Wednesday linked to overnight funding costs in the U.S. The launch expands the exchange operator's suite of global risk-free rates. The move comes as financial markets continue to adopt alternatives to traditional interbank offered rates.
May 6, 11:10 AM·1m read1 source
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U.S. on Wednesday. The benchmark adds to CME Group's suite of global risk-free rates, according to the company. U.S.
The launch expands the derivatives and benchmark provider's existing offerings in risk-free rates used across global markets. CME Group has positioned the new rate as part of its broader push into benchmarks that serve as alternatives to legacy rates. No further details on the specific name of the benchmark or its precise calculation methodology were disclosed in the announcement.
The development reflects ongoing industry efforts to establish robust reference rates following the phase-out of certain interbank offered rates in recent years. CME Group has not commented on immediate trading or adoption plans for the new rate. Market participants use the company's suite of rates in derivatives contracts, loans and other financial products.
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