ESMA Recognizes CME Group Benchmark Administration as a Third-Country Benchmark Administrator

CME Group, the world's leading derivatives marketplace, today announced that the European Securities and Markets Authority (ESMA) has recognized CME Group Benchmark Administration Limited (CBA) as a third-country benchmark administrator under the EU Benchmarks Regulation (EU BMR).

ESMA's decision was made in response to the significant usage of CME Term SOFR Reference Rates by market participants in Europe. The decision provides certainty for clients subject to EU BMR.

"This recognition underscores the significant role played by CME Term SOFR for European institutions managing USD interest rate exposure," said Max Ruscher, Global Head of Benchmark Administration at CME Group. "Most importantly, it ensures European institutions can continue to use the benchmark without disruption, reinforcing our commitment to delivering transparent and reliable reference rates that clients depend upon." 

CME Term SOFR Reference Rates are the global benchmark for commercial U.S. dollar lending. It is the first and only benchmark to be formally endorsed by the Alternative Reference Rates Committee (ARRC). 

In 2025, the rates were referenced in over €100B of OTC derivatives traded by European participants and $1.3T globally.* They are referenced in $11T of active commercial loans.**

For more information about CME Term SOFR Reference Rates visit www.cmegroup.com/termsofr 

* Source: SBSDRView from Clarus.
**Source: Refinitiv Deals Screener.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

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SOURCE CME Group