Market participants traded 225 interest rate swaps linked to the secured overnight funding rate (SOFR) in the week ending September 20, the highest weekly tally on record. The trade count had ratcheted up over the preceding weeks, with 189 swaps struck the week ending September 13 and 104 the week before that. An average of 42 SOFR swap trades have been made per week going back to July 22, 2018, when the first swaps were struck.