The ISDA-Clarus RFR Adoption Indicator decreased to 58.7% in May 2023 compared to 60.7% in April 2023. 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 risk-free rates (RFRs) in eight major currencies. On a traded notional basis, the percentage of RFR-linked IRD increased to 55.3% of total IRD transacted in May 2023 compared to 53.4% the prior month.
Key highlights for May 2023 include:
- RFR-linked IRD DV01 increased to $22.7 billion from $18.9 billion the prior month.
- Total IRD DV0 rose to $38.7 billion compared to $31.1 billion the prior month.
- RFR-linked IRD traded notional increased to $132.8 trillion from $93.6 trillion the prior month.
- Total IRD traded notional rose to $240.1 trillion compared to $175.1 trillion the prior month.
- The percentage of trading activity in SOFR declined to 65.6% of total USD IRD DV01 in May 2023 compared to 70.9% the prior month.
- CHF and GBP RFR-linked IRD DV01 accounted for 100% of total CHF IRD DV01 and 99.9% of total GBP IRD DV01, respectively.
- 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: May 2023
Latest
ISDA Responds to FCA Consultation on Improving UK MiFIR Transaction Reporting Regime
On February 20, ISDA submitted a response to the Financial Conduct Authority’s (FCA) consultation paper CP25/32 on Improving the UK transaction reporting regime. The consultation aims to “reduce the regulatory burden on firms, support sustained economic growth in the UK, enhance our...
Episode 55: Tokenization in Derivatives Markets
Tokenization has the potential to bring much-needed efficiency and flexibility to collateral management. Sandy Kaul from Franklin Templeton and the DTCC’s Joseph Spiro talk about the opportunities and the path to broader adoption. Please view this page via Chrome to...
Standard Reference Obligations (SROs) – Webinar on New Selection Process
On February 13, 2026, ISDA and S&P hosted a webinar detailing the new SRO selection process. Access to the webinar can be found here.
Response to BoE on Systemic Stablecoins
On February 10, ISDA responded to the Bank of England’s (BoE) consultation on a proposed regulatory regime for sterling-denominated systemic stablecoins. In the response, ISDA highlights that any regulatory framework should be assessed through the lens of prudent risk management...