More than a decade after the Libor-rigging scandal shocked the financial industry, derivatives traders in CME Group Inc.’s last open-outcry pit are finally shifting their focus to contracts based on the replacement for London Interbank Offered Rates.
The number of options on futures linked to the Secured Overnight Financing Rate, or SOFR, recently overtook the corresponding figure for eurodollar futures that settle at Libor rates.
The shift in leadership marks a major change for the hulking US interest-rate options market, a main vehicle for wagers related to Federal Reserve policy expectations and bond-market volatility. Yet even as this market steps ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.