Cboe Launches AMERIBOR Futures

Cboe Global Markets announced plans to launch futures on the AMERIBOR® (American Interbank Offered Rate) Term-30 interest rate benchmark. The new futures are expected to be available for trading on Cboe Futures Exchange, LLC (CFE) on business date Monday, September 13, 2021, subject to regulatory review. The AMERIBOR Term-30 benchmark, disseminated by the American Financial Exchange, LLC, is designed for financial institutions in need of forward-looking short-term interest rates as the planned cessation of LIBOR approaches. The benchmark is designed to capture wholesale funding costs for American financial institutions over a thirty-day period at a specific moment in time. AMERIBOR Term-30 futures (AMT1 futures) will be cash-settled and are designed to reflect market expectations of the level of the AMERIBOR Term-30 benchmark rate, which is used in the determination of the final settlement value of the applicable AMT1 futures contract. Cboe Futures Exchange plans to initially offer futures on the 30-day term rate, followed later this year by futures on the AMERIBOR Term-90 benchmark rate, subject to regulatory review.