CME Group launches US dollar RepoFunds Rate 07 May 2026US Reporter: Hansa Tote
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CME Group has launched the US dollar RepoFunds Rate (RFR USD) to provide a robust measure of overnight funding costs in US repo markets.
The new benchmark uses data from centrally-cleared overnight US repo trades executed on BrokerTec’s dealer-to-dealer central limit order book (CLOB) platform, which saw average daily trading volumes of US$412 billion in March.
RFR USD provides the market with same-day US repo price transparency, with the end-of-day benchmark published at 15:00 ET, providing an early indicator of market activity, ahead of the T+1 daily publication of secured overnight financing rate (SOFR) rates.
Matt Gierke, global head of BrokerTec, states: “BrokerTec's US repo market is a definitive source of price discovery for US Treasury repo.
“This new RFR USD benchmark provides enhanced transparency, enabling precise mark-to-market insights for dealers and improved access to valuation data for the broader marketplace.”
Max Ruscher, head of Benchmark Services, CME Group, adds: “Our benchmarks are calculated using data from highly liquid markets to provide transparent, robust, and reliable reference rates.
“RFR USD is the latest expansion to the existing suite of RFR products which measure the cost of secured one-day funding in the euro, sterling, and yen sovereign bond markets and are increasingly used as reference rates in the OTC swap market.”
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