The decision allows European firms to continue using CME’s SOFR based rates.

The European Securities and Markets Authority (Esma) has recognised CME Group Benchmark Administration Limited as a third-country benchmark administrator under the EU Benchmarks Regulation. The rates were linked to more than €100billion of over-the-counter (OTC) derivatives  The recognition follows the growing use of CME Term SOFR Reference Rates by European market participants and ensures that firms in the region can continue using the benchmark. CME Term SOFR Reference Rates are