The Chicago Mercantile Exchange ("CME") Group began publishing CME Term Secured Overnight Financing Rate ("SOFR") Reference Rates for one-month, three-month and six-month tenors.

According to CME's press statement, because the benchmarks rely on CME Group's "deep and liquid" underlying SOFR futures, they are a "robust and sustainable measure of forward-looking SOFR rates." In addition, CME Group stated the benchmarks are (i) consistent with the Alternative Reference Rates Committee's criteria for recommended forward term rates and IOSCO's Principles for Financial Benchmarks, and (ii) compliant with the UK Benchmark Regulations.

CME Group intends to restrict the licensing of its SOFR term rates to cash market transactions until June 30, 2023. Until this date, the rates may be licensed at no charge.