Key Takeaways
- • CME Group Benchmark Administration is launching RFR Select20 on its Premium market data channel, expanding its suite of repo rate benchmarks with enhanced distribution capabilities.
- • The RFR Select20 deployment leverages CME Group's electronic transaction-based data infrastructure, providing transparent, robust benchmarks calculated from highly liquid and regulated futures, options, FX, and cash markets.
- • CME Group Benchmark Administration operates as an FCA-authorized and UK-registered Benchmark Administrator, with ESMA recognition as a third-country benchmark administrator under EU BMR regulations.
- • The launch integrates with CME's existing RFR product suite, which includes benchmarks for USD, Euro, Sterling, and Japanese Bond repos, alongside forward-looking rates such as CME Term SOFR and CME Term €STR.
- • Premium channel distribution enables real-time access to benchmark data, supporting dealers and market participants with precise mark-to-market insights and improved liquidity assessment across repo markets.
Summary
CME Group Benchmark Administration has launched RFR Select20 on its Premium market data channel, strengthening its position as a benchmark provider for repo rate benchmarks. The product deployment reflects CME Group's strategy to leverage its proprietary transaction-based data from electronically executed trades across multiple asset classes to deliver transparent, regulatory-compliant benchmarks to institutional market participants.
RFR Select20 joins an established suite of repo rate benchmarks managed by CME Group Benchmark Administration. The existing product line includes RFR USD, RFR Euro (covering 11 European jurisdictions with average daily repo transaction volumes), RFR Sterling (designed to track UK GILT-backed repo funding costs), and RFR JBOND (calculated in cooperation with JBOND Totan Securities for Japanese yen sovereign repos). These benchmarks are designed to provide daily, volume-weighted average rate calculations that reflect secured one-day funding costs across major markets.
The Premium channel distribution mechanism provides institutional clients with real-time access to benchmark calculations, enabling dealers and portfolio managers to obtain enhanced transparency for mark-to-market analysis and improved liquidity assessment. The infrastructure supports incremental message processing through CME's SBE (Simple Binary Encoding) schema, enabling efficient, low-latency data delivery to professional trading and risk management systems.
CME Group Benchmark Administration operates under stringent regulatory oversight. The entity is registered and supervised by the UK Financial Conduct Authority as a Benchmark Administrator and holds recognition from ESMA as a third-country benchmark administrator under the EU Benchmarks Regulation (BMR). This regulatory framework ensures that benchmark calculations maintain independence, robustness, and transparency standards required by institutional investors and market infrastructure participants.
The RFR Select20 launch complements CME's broader benchmark ecosystem, which includes forward-looking rates such as CME Term SOFR (providing tenor-based SOFR rate expectations derived from derivatives market pricing) and CME Term €STR (beta) for euro-denominated instruments. These products collectively address institutional demand for reliable, transaction-backed benchmarks across money markets and repo financing markets globally.
RFR Select20 joins an established suite of repo rate benchmarks managed by CME Group Benchmark Administration. The existing product line includes RFR USD, RFR Euro (covering 11 European jurisdictions with average daily repo transaction volumes), RFR Sterling (designed to track UK GILT-backed repo funding costs), and RFR JBOND (calculated in cooperation with JBOND Totan Securities for Japanese yen sovereign repos). These benchmarks are designed to provide daily, volume-weighted average rate calculations that reflect secured one-day funding costs across major markets.
The Premium channel distribution mechanism provides institutional clients with real-time access to benchmark calculations, enabling dealers and portfolio managers to obtain enhanced transparency for mark-to-market analysis and improved liquidity assessment. The infrastructure supports incremental message processing through CME's SBE (Simple Binary Encoding) schema, enabling efficient, low-latency data delivery to professional trading and risk management systems.
CME Group Benchmark Administration operates under stringent regulatory oversight. The entity is registered and supervised by the UK Financial Conduct Authority as a Benchmark Administrator and holds recognition from ESMA as a third-country benchmark administrator under the EU Benchmarks Regulation (BMR). This regulatory framework ensures that benchmark calculations maintain independence, robustness, and transparency standards required by institutional investors and market infrastructure participants.
The RFR Select20 launch complements CME's broader benchmark ecosystem, which includes forward-looking rates such as CME Term SOFR (providing tenor-based SOFR rate expectations derived from derivatives market pricing) and CME Term €STR (beta) for euro-denominated instruments. These products collectively address institutional demand for reliable, transaction-backed benchmarks across money markets and repo financing markets globally.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.