Publishing a compound average rate that encourages broader use of SOFR would help make our financial system more resilient. Sandie will talk more about the creation of the forward-looking term version of SOFR in her remarks. SAFR would not be a competitor to this forward-looking rate, it would be in alliance with it.
If there were a large volume of products referencing the compound average rate, there would likely be related demand for futures contracts to hedge those positions, helping to make the forward rate more robust. It is important that we find ways to make it as easy as possible to use SOFR because the risks to LIBOR are, at this stage, quite considerable.