--- title: ARRC Recommends CME Term SOFR Reference Rates description: The decision provides the market with greater clarity. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/basel-committee-consults-on-interest-rate-risk1-May-12-2022-09-34-39-56-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/arrc-recommends-cme-term-sofr-reference-rates#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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Today’s decision provides the market with greater clarity and ensures CME Term SOFR Reference Rates are widely available for use alongside other forms of SOFR. We look forward to continued collaboration with the ARRC and market participants.” https://twitter.com/CMEGroup/status/1420819242992160768 Since their introduction a little more than three years ago, participation in CME SOFR futures has developed rapidly with more than 600 participants globally trading the product. A record 118,000 SOFR futures contracts traded on average each day during Q2 2021, up 200% year over year, and including a single-day trading volume record of 342,000 contracts on June 18. At the same time, open interest, a measure of the total number of outstanding contracts not yet settled, is up 122% to 828,000 contracts, with a record 858,000 contracts open on July 1. For more information about CME Term SOFR Reference Rates visit [www.cmegroup.com/termsofr](http://www.cmegroup.com/termsofr). 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