The effort to eradicate U.S. dollar LIBOR is showing results in the derivatives market, where trading volume in options on the main successor rate surged to a record Tuesday.

According to CME Group Inc., which lists the derivatives, 89,700 options on three-month futures referencing the Secured Overnight Financing Rate (SOFR) changed hands on February 1. While that still pales in comparison with CME’s options on LIBOR-settled eurodollar futures, it was more than half the volume from January, which totaled about 163,000 for the entire month. The momentum ebbed Wednesday, with volume of about 14,000 at around noon in New York.

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