ESMA Recognizes CME Group Benchmark Administration as EU BMR Administrator, Secures €100B SOFR Usage
ESMA has designated CME Group Benchmark Administration as a third-country administrator under the EU Benchmarks Regulation, ensuring continued use of CME Term SOFR by European clients. In 2025, Term SOFR was referenced in over €100 billion of European OTC derivatives and $1.3 trillion globally, and underpins $11 trillion in commercial loans.
1. ESMA Recognition
ESMA recognized CME Group Benchmark Administration as a third-country benchmark administrator under the EU Benchmarks Regulation, responding to substantial usage of CME Term SOFR by European participants.
2. Market Usage
In 2025, CME Term SOFR was referenced in over €100 billion of OTC derivatives traded by European institutions and $1.3 trillion globally, highlighting its widespread adoption.
3. Benchmark Endorsement
As the first and only benchmark endorsed by the Alternative Reference Rates Committee, CME Term SOFR underpins $11 trillion of active commercial U.S. dollar loans worldwide.
4. Client Impact
The formal designation ensures European clients can continue using CME Term SOFR without disruption, reinforcing the reliability and transparency of its USD reference rates.