The rates business had record revenue in the first quarter.
US dollar LIBOR will cease publication on 30 June this year.
SOFR futures and options have both grown exponentially.
The dollar swaps market progression is moving forward in full force, Tradeweb's Colm Murtagh writes.
Market participants want forward-looking term rates.
Since the start of 2022 liquidity has shifted to SOFR-based derivatives at an accelerated pace.
Around 85% of Tradeweb's most active clients are now using SOFR.
SOFR average daily volume increased over 250% from a year ago.
The last phase of SOFR First will involve exchange-traded derivatives with timing to be determined.
