The ISDA-Clarus RFR Adoption Indicator increased to 64.8% in November 2023 compared to 59.9% in October 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 grew to 60.8% of total IRD transacted in November 2023 compared to 55.0% the prior month.
Key highlights for November 2023 include:
- RFR-linked IRD DV01 increased to $27.7 billion from $24.4 billion the prior month.
- Total IRD DV01 rose to $42.8 billion compared to $40.8 billion the prior month.
- RFR-linked IRD traded notional grew to $144.0 trillion from $125.3 trillion the prior month.
- Total IRD traded notional increased to $237.0 trillion compared to $227.7 trillion the prior month.
- The percentage of trading activity in SOFR grew to 75.2% of total USD IRD DV01 in November compared to 67.2% the prior month.
- CHF, GBP and SGD RFR-linked IRD DV01 accounted for 99.9% of total CHF IRD DV01, 99.9% of total GBP IRD DV01 and 100% of total SGD 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: November 2023
Latest
Global FX Derivatives Market Overview
Global FX derivatives average daily turnover reached $6.6 trillion in April 2025, roughly double its level in April 2013. While FX swaps remain the largest segment in absolute terms, recent growth has been driven by outright forwards and FX options,...
Safe, Efficient Markets for SFTs
Securities financing transactions (SFTs) – including repurchase agreements (repo), securities lending, buy/sell backs and margin lending – are foundational to the functioning of modern financial markets. They support the day-to-day distribution of liquidity, enable collateral to move efficiently across cash...
ISDA, GFXD, UK Finance, LMA Respond to HMT on UK BMR Reform
On March 11, ISDA, the Global Foreign Exchange Division of the Global Financial Markets Association, UK Finance and the Loan Market Association responded jointly to a consultation from His Majesty’s Treasury on the future regulatory regime for benchmarks and benchmark...
ISDA Recommendations to Simplify EU Regulation
On March 9, ISDA submitted a paper to the European Commission setting out focused proposals to improve the functioning of the EU regulatory framework for derivatives. The paper comprises eight targeted recommendations to simplify selected Level 1 provisions in a...