ISDA-Clarus RFR Adoption Indicator decreased to 8.8% in March compared to 10.6% the prior month. The indicator tracks how much global trading activity (as measured by DV01) is conducted in cleared over-the-counter and exchange-traded interest rate derivatives (IRD) that reference the identified risk-free rates (RFRs) in six major currencies. On a traded notional basis, the percentage of RFR-linked IRD decreased to 9.3% of total IRD in March compared to 11.0% the prior month.
Key highlights for March 2021 include:
- RFR-linked IRD DV01 decreased to $3.2 billion compared to $3.8 billion the prior month.
- Total IRD DV01 transacted increased to $36.3 billion compared to $35.6 billion the prior month.
- RFR-linked IRD traded notional declined to $15.3 trillion versus $17.6 trillion the prior month.
- Total IRD traded notional transacted increased to $164.4 trillion compared to $160.8 trillion the prior month.
- The percentage of trading activity in SOFR was 4.7% of total USD IRD DV01 transacted in March, down from 5.1% the prior month.
- GBP saw the largest percentage of RFR-linked IRD trading activity, totaling 44.9% of total GBP IRD DV01.
- EUR had the highest percentage of RFR-linked IRD DV01 executed as transactions with tenors longer than two years.
To access interactive charts and export the data, click here.
A whitepaper on the methodology is available here.
Documents (1) for ISDA-Clarus RFR Adoption Indicator: March 2021
Latest
ISDA Guidance – Delayed CPI-U Due to Government Shutdown
On November 7, 2025, ISDA published guidance addressing the potential delay in the release of the U.S. Consumer Price Index for All Urban Consumers (CPI-U) resulting from the current U.S. government shutdown. The guidance provides clarification on how such delays...
SPS Matrix – SPS Naming Convention
This document sets out the naming convention for how the Settlement Price Sources (“SPSs”), as defined in the ISDA Digital Asset Derivatives Settlement Price Matrix (the “SPS Matrix”), should be named to increase consistency and understandability. ISDA formalized the SPS...
A Global Blueprint for Market Risk Reform
The global financial crisis of 2007-2009 exposed fundamental weaknesses in how banks measured and managed risk, and the repercussions were felt by economies all over the world. In response, policymakers sought to rebuild trust and resilience in the global financial...
SwapsInfo Q3 2025 and Year-to-September 30, 2025
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in the third quarter of 2025 compared with the same period in 2024, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by more than...