CME Group, the world's leading derivatives marketplace, today announced it has launched the U.S. dollar RepoFunds Rate (RFR USD) to provide a robust measure of overnight funding costs in U.S. repo markets.

The new benchmark uses data from centrally cleared overnight U.S. repo trades executed on BrokerTec's dealer-to-dealer central limit order book (CLOB) platform, which saw average daily trading volumes of $412 billion in March. RFR USD provides the market with same-day U.S. repo price transparency, with the end-of-day benchmark published at 3:00 p.m. ET, providing an early indicator of market activity, ahead of the T+1 daily publication of SOFR rates.