0915 ET - New rules requiring central clearing are set to transform how the Treasury repo market operates starting in mid-2027. The rules will make some opaque financial plumbing more transparent, and as one side effect, a greater share of repo transactions will be visible for inclusion in the calculation of the secured overnight financing rate, or SOFR, a important credit benchmark. New research by Ashlyn Cenicola and Corey Garriott of the Treasury Department's Office of Financial Research suggests that despite the broader sample, the calculated SOFR rate isn't likely to be much different on any given day. They studied the question by comparing actual historical SOFR rates with a hypothetical SOFR rate aimed at mimicking the centrally cleared version. (matt.grossman@wsj.com; @mattgrossman)
(END) Dow Jones Newswires
April 23, 2025 09:16 ET (13:16 GMT)
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