March 1, 2018 / 3:16 PM / 20 days ago

CME Group to launch futures on Libor alternative May 7

NEW YORK, March 1 (Reuters) - CME Group said on Thursday it planned to launch on May 7 monthly and quarterly futures contracts linked to the reference rates which are aimed as alternatives to the London interbank offered rate (LIBOR).

The Secured Overnight Financing Rate (SOFR), which these futures will be based on, are jointly developed by the New York Federal Reserve and the Office of Financial Reserve. On Wednesday, the New York Fed said it will begin publishing the SOFR on April 3. (Reporting by Richard Leong; Editing by David Gregorio)

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