SOFR futures and options have both grown exponentially.

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SOFR is Off to the Races

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.

SOFR trading on Tradeweb as a percentage of new risk has reached a new weekly record for 2021.