The ISDA-Clarus RFR Adoption Indicator was 46.4% in July 2022, flat compared to 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 comprised 39.0% of total IRD in July compared to 39.8% the prior month.
Key highlights for July 2022 include:
- RFR-linked IRD DV01 decreased to $13.7 billion from $18.0 billion the prior month.
- Total IRD DV01 declined to $29.5 billion from $38.8 billion the prior month.
- RFR-linked IRD traded notional decreased to $67.3 trillion from $86.5 trillion the prior month.
- Total IRD traded notional declined to $172.8 trillion compared to $217.4 trillion the prior month.
- The percentage of trading activity in SOFR increased to an all-time high of 51.7% of total USD IRD DV01 transacted in July compared to 49.7% the prior month.
- GBP saw the largest percentage of RFR-linked IRD trading activity, totaling 99.7% of total GBP IRD DV01.
- JPY 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: July 2022
Latest
Paper on Proposal 6 on Margin Transparency
On November 16, ISDA published a document that looked at proposal 6 in the final Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) report on margin transparency. Proposal...
Tender Issued for DC Administrator Role
ISDA and the Credit Derivatives Governance Committee have issued an invitation to tender for an independent regulated entity to serve as the administrator for the Credit Derivatives Determinations Committees (DCs), which includes assuming the role of DC secretary. The DC...
ISDA SIMM: The Standard for IM Calculations
The ISDA Standard Initial Margin Model (ISDA SIMM) plays an important role in ensuring margin calculations are consistent, transparent and aligned with global best practices and regulatory requirements. Since its launch in 2016, the model has been rigorously tested, regularly...
ISDA In Review – October 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in October 2025.