CME Group Launches Same-Day U.S. Dollar RepoFunds Rate from $412B Repo Data
CME•CME Group launched the U.S. dollar RepoFunds Rate, a same-day benchmark using centrally cleared overnight repo trades on BrokerTec’s CLOB platform that averaged $412B daily volume in March. The end-of-day rate, published at 3 p.m. ET with a volume-weighted median methodology, expands its suite of RFR products for derivatives.
1. Launch of U.S. Dollar RepoFunds Rate
On May 6, 2026, CME Group introduced the U.S. dollar RepoFunds Rate (RFR USD) to deliver a robust measure of overnight funding costs in the U.S. repo market. The benchmark utilizes centrally cleared overnight trades executed on BrokerTec’s dealer-to-dealer CLOB platform, which averaged $412 billion in daily volume during March.
2. Volume-Weighted Median Methodology and Timing
RFR USD employs a volume-weighted median calculation—matching the standard used by the New York Fed for SOFR—and is published each trading day at 3:00 p.m. ET. This same-day release offers an earlier snapshot of market activity compared to the T+1 publication schedule of SOFR.
3. Distribution Channels and Licensing
The new benchmark is available via CME Datamine and accessible to BrokerTec CLOB clients. Its rates are licensed for integration into OTC derivatives, structured products and floating rate notes, supporting widespread adoption across financial institutions.
4. Strategic Implications for CME’s Benchmark Suite
Adding RFR USD expands CME Group’s RepoFunds Rates to cover U.S. dollar funding costs alongside its euro, sterling and yen benchmarks. This enhanced transparency aims to improve mark-to-market precision, deepen liquidity and drive demand for CME’s data and benchmark-related services.
