CME Group Inc. on Wednesday launched a new benchmark rate tied to overnight funding costs in the US, adding to its suite of global risk-free rates.

The new benchmark, known as the US Dollar RepoFunds Rate, uses data from centrally cleared overnight US repo trades executed on BrokerTec’s dealer-to-dealer central limit order book platform, where transactions averaged about $412 billion a day in March, according to the statement. The end-of-day benchmark will be published at 3:00 p.m. New York time.