CME Group announced it will provide CME Term €STR Reference Rates, published in beta, to meet client demand for a robust and transparent term rate for the growing €STR ecosystem. These rates are based on CME Group's liquid €STR futures and OTC swap market data. They are published in 1-month, 3-month, 6-month, and 12-month tenors.
The introduction of these term rates builds on the rapidly increasing liquidity in CME Group's €STR futures market, which has seen open interest exceed 70,000 contracts. Over 5 million contracts have been traded in total since their launch in October 2022. This widespread participation from over 250 end users underscores the market's need for such benchmarks.
While currently in beta for information and evaluation purposes, these rates are designed to help clients build lending and fixed income products. CME Group Benchmark Administration Limited (CBA) is also the benchmark administrator for CME Term SOFR, a global benchmark for new U.S. dollar lending. This initiative further solidifies CME Group's role in providing critical financial benchmarks.
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