The latest candidate to replace LIBOR is the $20 trillion U.S. Treasuries market.
Tradeweb Markets Inc. and Intercontinental Exchange Inc. (ICE) are offering up an alternative in the form of a daily Treasury yield curve with 12 tenors ranging from one month to 30 years. The organizations started publishing the yield curve last week. The yields are based on transactions done over the course of the day on Tradeweb's institutional trading platform, among the biggest marketplaces for U.S. government debt.
Intercontinental Exchange says the rates "offer a number of potential benefits for market participants." It also touts the product as more consumer-friendly than the Secured Overnight Financing Rate (SOFR), the gauge that U.S. regulators have endorsed to replace LIBOR by the deadline at the end of next year.
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