ESMA Recognises CME Group as 3rd Country Benchmark Administrator | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
CME Group said last week that the European Securities and Markets Authority has recognised its benchmark administration arm, CME Group Benchmark Administration Limited, as a third-country benchmark administrator under the EU Benchmarks Regulation.
The exchange stated that the decision provides regulatory certainty for European institutions that use CME Term SOFR Reference Rates.
ESMA’s decision was prompted by the significant usage of CME Term SOFR among European market participants managing US dollar interest rate exposure.
The recognition ensures those institutions can continue using the benchmark without disruption following the regulatory requirements introduced under the EU BMR framework.
In 2025, the rates were referenced in more than €100 billion of over-the-counter derivatives traded by European participants and $1.3 trillion globally, whilst also underpinning $11 trillion of active commercial loans.
Max Ruscher, Global Head of Benchmark Administration at CME Group, said the recognition highlighted the significant role CME Term SOFR plays for European institutions.
