Term SOFR - CME Group

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Ready to take your trading to the next level? Compete against your peers in our monthly Trading Challenges. Benchmark Administration CME Term SOFR Rates

Use the global benchmark for new U.S. dollar lending as implied by transactions in derivatives markets and endorsed by the ARRC.

Contact a Data expert

CME Term SOFR has been widely adopted to replace USD LIBOR for new business loans, credit facilities, and as a fallback rate for legacy LIBOR loans.

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Data as of December 31, 2024

$9.8T

IN LOANS*

$4.0T

IN OTC DERIVATIVE HEDGES**

CME Group does not warrant the accuracy or completeness of the information. *Source: Refinitiv Deals Screener. ** Source: SBSDRView from Clarus.

Find out if a license is required

Evaluate whether you plan to use the benchmark in cash market financial products, OTC derivatives, or the provision of a service.

Learn how CME Term SOFR can be used today

Find out which of the three licensing categories best suits your needs.

Choose your access option

Display and Non-Display licensing options are available.

Reliable

Create cash products using reliable rates built to perform in all market conditions, including illiquid and negative rates markets.

Robust

Use rates built on bona fide transactions executed by a diverse range of market participants, making them representative and resistant to manipulation.

Transparent

Capitalize on rates that are determined using a transparent calculation methodology designed to ensure yield curve integrity.

USED BY OVER 2,870 FIRMS GLOBALLY, CME TERM SOFR IS THE PREFERRED CHOICE FOR USD LOANS QUOTED IN 1, 3, 6 AND 12 MONTH TENORS.

READ PAPER

CME Term SOFR Rates Values

BMR compliant, aligned with the IOSCO principles, and ready to use in cash market products, CME Term SOFR Rates provide a forward-looking measurement of SOFR rates, based on market expectations implied from leading derivatives markets.

In accessing this proprietary data from this website, you acknowledge you have read and agree to all CME Data Terms of Use. To discuss licensing options, please contact CME Data Sales.

CME Term SOFR Reference Rates are administered by CME Group Benchmark Administration Limited (CBA) which is registered under Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) is authorized and supervised by the UK Financial Conduct Authority (FCA) and is aligned to the IOSCO Principles for Financial Benchmarks.

*The SOFR and SOFR AVERAGES data is sourced from newyorkfed.org and is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the SOFR and SOFR AVERAGES data by CME Group, does not sanction or endorse any particular republication, and has no liability for use.

Frequently asked questions

Learn all you need to know about how to access CME Term SOFR and whether you need a license.

The CME Term SOFR Reference Rates benchmark is a daily set of forward-looking interest rate estimates, calculated and published for 1-month, 3-month, 6-month and 12-month tenors.

CME Term SOFR Reference Rates are:

Endorsed by the ARRC
Designed to adhere to the IOSCO Principles for Financial Benchmarks
Compliant with Benchmark Regulations

Currently, we use transaction data from thirteen consecutive SR1 futures (1-month CME SOFR futures contracts) and five consecutive quarterly SR3 futures (3-month CME SOFR futures contracts).

CME Term SOFR is available via market data redistribution partners, CME DataMine, and our Market Data Platform.

CME Term SOFR Reference Rates can also be viewed on the CBA webpages. Use of any data accessed on the CME Group website is limited to “view only”, in accordance with CMEGroup.com Data Terms of Use.

A set of Volume Weighted Average Prices (VWAP) are calculated using transaction prices observed during several observation intervals throughout the trading day. These are then used in a projection model to determine CME Term SOFR Reference Rates. Full details of the calculation methodology are available on the Term SOFR webpages.

View our full FAQs here

CME Term SOFR Resources

Methodology and Statements

Methodology Benchmark Statement IOSCO Compliance Statement Statement of Compliance with the Benchmarks Regulation Benchmark Governance

Licensing and Fees

Benchmark License Benchmark Data Fee List

FAQ and Guides

Audit and Reporting Guide CME Clearing’s SOFR OIS Curve

Additional Resources

Daily Return Indices Fact Sheet Volumes and Performance Report Example Calculation

CME TERM SOFR

DISCUSS LICENSING WITH A DATA EXPERT

LEARN MORE

How to access

Direct from CME Group

Real-time data via CME Market Data Platform and Smart Stream on Google Cloud Platform. Delayed and historical data via CME DataMine.

Bloomberg

1 Month

TSFR1M

3 Month

TSFR3M

6 Month

TSFR6M

12 Month

TSFR12M

Refinitiv

1 Month

.SR1M

3 Month

.SR3M

6 Month

.SR6M

12 Month

.SR1Y

CME Market Data Platform

1 Month

TR1

3 Month

TR3

6 Month

TR6

12 Month

T1Y

A robust underlying data set

CME Term SOFR Rates are derived from CME SOFR futures, an increasingly robust and resilient underlying data set. Bolstered by a deep and diverse pool of market participants, volume in CME SOFR futures contracts underpinning CME Term SOFR calculations (first 13 SR1 and first 5 SR3) averaged $2.3 trillion in representative notional per day in Q4 2023.

View historical data

How CME Term SOFR works

Learn more about CME Term SOFR, how the data is collected, how it's computed and when it's published.

Data connection options

Platform	Data Format	Latecy
Market Data Platform (MDP)	SBE	<1 ms
Google Pub/Sub	SBE	50-100ms
Datamine	Varies	Varies
REST API	JSON	<5s
Distributors	Varies	Varies

Platform	Data Format	Latecy
Datamine	Varies	Varies
CME Direct	-	-
Distributors	Varies	Varies

Platform	Data Format	Latecy
Datamine	Varies	Varies
REST API	JSON	End of day

Contact a Data expert

Connect with a member of our expert Data team to get more information about our products and services.

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Contact our team

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CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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$9.8T

IN LOANS*

$4.0T

IN OTC DERIVATIVE HEDGES**

Find out if a license is required

Learn how CME Term SOFR can be used today

Choose your access option

Reliable

Robust

Transparent

CME Term SOFR Rates Values

Frequently asked questions

CME Term SOFR Resources

Methodology and Statements

Licensing and Fees

FAQ and Guides

Additional Resources

CME TERM SOFR

How to access

Direct from CME Group

Bloomberg

1 Month

3 Month

6 Month

12 Month

Refinitiv

1 Month

3 Month

6 Month

12 Month

CME Market Data Platform

1 Month

3 Month

6 Month

12 Month

A robust underlying data set

View historical data

How CME Term SOFR works

Data connection options

Contact a Data expert

Contact our team

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