Interest Rate Derivatives, Benchmark Rates and Development of Financial Markets in EMDEs

This paper outlines the critical role of interest rate derivatives (IRDs) in supporting the development of financial markets in emerging market and developing economies (EMDEs). It also examines the significance of reliable, robust interest rate (IR) benchmarks, a cornerstone for developing efficient IRD markets. The paper draws valuable lessons from the transition from LIBOR to overnight risk-free rates in advanced economies, applying these insights to the context of EMDEs. Through case studies, it shows how various EMDE jurisdictions have successfully adopted and implemented more robust and transparent IR benchmarks.

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ISDA Trading Forum Tokyo: CEO Remarks

ISDA Derivatives Trading Forum Tokyo October 17, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer   Good afternoon, and welcome to the ISDA Derivatives Trading Forum. It’s great to be back in Tokyo, and I’d like to begin by...

The Derivatives Market in Japan

A healthy derivatives market is an important element to Japan’s plan to become a global leader in asset management. Asset managers are eager to increase their use of derivatives to better take and manage risk, but note that there is...