The Transition to Risk-free Rates (RFRs) Review analyzes the trading volumes of over-the-counter (OTC) and exchange-traded interest rate derivatives (IRD) that reference selected RFRs, including the Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average (SONIA) and the Euro Short-Term Rate (€STR).
Key highlights for the first half of 2023 include:
- The ISDA-Clarus RFR Adoption Indicator, which tracks how much global trading activity (as measured by DV01) is conducted in cleared OTC and exchange-traded IRD that reference RFRs in eight major currencies, rose to a monthly average of 56.2% in the first half of 2023 compared to 50.5% in the second half of 2022.
- Global RFR-linked IRD traded notional accounted for 52.3% of total IRD traded notional in the first half of 2023 versus 44.9% in the second half of 2022.
- US-reported OTC IRD traded notional referencing alternative RFRs increased by 49.1% to $89.5 trillion in the first half of 2023 compared to $60.1 trillion in the second half of 2022. RFR transactions accounted for 48.5% of total OTC IRD traded notional in the first half of 2023, up from 43.5% in the second half of 2022.
- US-reported OTC IRD traded notional referencing SOFR rose by 44.9% to $41.7 trillion in the first half of 2023 versus $28.8 trillion in the second half of 2022. SOFR transactions comprised 51.7% of US dollar-denominated OTC IRD traded notional in the first half of 2023 compared to 44.9% in the second half of 2022.
Click on the attached PDF to read the full report.
Documents (1) for Transition to RFRs Review: First Half of 2023 and the Second Quarter of 2023
Latest
ISDA Comments: OSC Call for Feedback
On June 26, 2026, ISDA submitted comments to the Ontario Securities Commission’s (OSC) consultation on facilitating access to its regulatory framework and reducing burden for capital markets participants by publishing a machine-readable dataset of regulatory instruments. The comments are supportive...
ISDA Comments on EP's MISP Draft Reports
On July 15, ISDA shared comments with policymakers in the European Union on the European Parliament’s (EP) draft reports by Member of the European Parliament (MEP) Markus Ferber and MEP Eero Heinäluoma on the Market Integration and Supervision Package (MISP)....
Building Markets, Creating Opportunity
Deep and liquid derivatives markets are fundamental to the development of well-functioning financial markets and healthy economies. They support lending, investment and financial stability, creating the certainty needed for economic growth. But strong derivatives markets do not emerge by chance....
Key Trends in OTC Derivatives Market H2 2025
The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all...