Overnight Risk-Free Rate

Definition

Overnight Risk-Free Rate denotes any of a set of (nearly) risk-free references interest rates (RFR), which can be used as alternative benchmarks for the existing key interbank offered rates (IBORs) in the unsecured lending markets

RFRs have been identified because these rates are robust and are anchored in active, liquid underlying markets. This contrasts with the scarcity of underlying transactions in the term interbank and wholesale unsecured funding markets from which some interbank offered rates (IBORs) are constructed

List of RFR

Currency	Name / Symbol	Description	Publication Timing
US Dollar	Secured Overnight Financing Rate (SOFR)	Secured Treasury repo rate	Published around 8 am the next business day
Sterling	Sterling Overnight Index Average (SONIA)	Unsecured wholesale rate	Published at 9 am the next business day
Japanese Yen	Tokyo Overnight Average Rate (TONA)	Unsecured wholesale rate	Published at 10 am the next business day
Euro	Euro Short-Term Rate (€STR)	Unsecured wholesale rate	Will be published by 9 am the next business day
Swiss Franc	Swiss Average Rate Overnight (SARON)	Secured general collateral repo rate	Published at 6 pm the same business day