ASX (ASX:ASX) is set to launch SOFIA, the Secured Overnight Funding Index Australia, a new transaction-based benchmark expected to provide a transparent reference rate for Australia's overnight repo market, according to a Tuesday Australian bourse filing.

ASX said the benchmark measures the cost of overnight funding secured against eligible Australian dollar-denominated government securities, set against using eligible overnight repo transactions settled through Austraclear.

SOFIA will be rolled out to subscribers from Sept. 28 and is anticipated to complement existing benchmarks including BBSW and AONIA and expand the range of reference rates available, ASX added.

ASX shares rose 3% in recent Tuesday trade.