Usual review of SOFR volumes. After a small increase a couple of weeks ago that lead us to ask "Is something happening?", we are back to levels below mid-July level at LCH. ISDA figures indicate that SOFR is back to less than 10% of interest rate derivatives volume.
No real progress a little bit more than two months before the expected deadline for "no more LIBOR".
Short term swaps (less than 2Y) volume is not increasing either, which is not a good indication for the development of Term SOFR rates.