CME Group launches U.S. dollar RepoFunds Rate for transparent overnight repo funding costs.

CME Group has introduced the U.S. dollar RepoFunds Rate (RFR USD), a new benchmark reflecting overnight funding costs in the U.S. repo market. This rate is based on centrally cleared overnight repo trades on BrokerTec's platform, which had an average daily volume of $412 billion in March. Published daily at 3:00 p.m. ET, RFR USD offers same-day price transparency ahead of the SOFR rates, aiding dealers and market participants in valuation and risk management. The rate uses a volume-weighted median methodology and is available for use in derivatives and structured products, expanding CME's suite of RepoFunds Rates across major currencies.