# CME SOFR Futures – Year One

CME One-Month SOFR (“SR1”) futures and Three-Month SOFR (“SR3”) futures debuted a year ago. The following reflects upon developments since then in the underlying Secured Overnight Financing Rate (“SOFR”) benchmark, in the futures liquidity pool, and in adjacent derivative and asset markets, and it concludes with an overview of key next steps to promote adoption of SOFR as the alternative US reference rate.1

### Market Adoption of Alternative Reference Rates – Key Dates

Milestones in the SOFR saga, past and future, are as follows:

#### References

1. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. For more information, please see CME, What Is SOFR? , March 2018.

2. Its massive supporting transaction data flow, among other features, is a reminder that SOFR was developed in alignment with international best practices, as exemplified by the IOSCO Principles for Financial Benchmarks. For more information, see ARRC, SOF R: A Y ear in Review , April 2019.

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