SOFR First started on 26 July. We now have two weeks of data. The result is somehow mixed.
On the LCH front, the volume has decrease significantly last week with respect to the previous one (SOFR First initial week). The volume is roughly the same as in end of May.
On the ISDA figure side (from US regulatory figures), the absolute volume is slightly up but the proportion of SOFR with respect to LIBOR is down; it is below 8%.
Still far away from SOFR First!
Note: Blog initially published at: https://multi-curve-framework.blogspot.com/2021/08/sofr-first-two-weeks-on.html. More volume analysis over the last years available on Marc's multi-curve framework blog.