- Average daily traded volume in outright SOFR overnight index swaps (OIS) surged to $6.7 billion YTD through May, a 235% increase from the same period of 2020
- While still a fraction of Libor swap volume, the increase shows the market gaining momentum as participants prepare to cease new Libor use in 2021, as recommended by the Federal Reserve Board and the Alternative Reference Rates Committee (ARRC)
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