A rate of interest used as a benchmark in financial transactions that is designed to exclude counterparty credit risk and account solely for economic factors. RFRs are considered more robust and less susceptible to manipulation than interbank offered rates (IBORs), such as LIBOR. Examples of RFRs include the Secured Overnight Financing Rate (SOFR), administered by the Federal Reserve Bank of New York, the Sterling Overnight Index Average (SONIA), administered by the Bank of England, and the Tokyo Overnight Average Rate (TONA), administered by the Bank of Japan.