A mystery: why did the NY Fed use a survey to get SOFR?

Almost a week later, still no word on why SOFR was set using a market survey instead of submissions

federal-reserve-bank-new-york

On Monday, June 3 the Federal Reserve Bank of New York set the secured overnight financing rate for May 31 at 2.49% – 9 basis points above the previous day’s rate. But the real quirk was how they got it: a market survey of dealers, one of the things SOFR was created to avoid.

Six sources Risk.net spoke to had “no clue” as to why the US dollar Libor replacement rate had to be constructed via a market survey that day instead of using the usual submission process; they were not even aware there

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