The ISDA-Clarus RFR Adoption Indicator increased to an all-time high of 51.1% in August 2022 from 46.4% 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 increased to 44.0% of total IRD transacted in August compared to 39.0% the prior month.
Key highlights for August 2022 include:
- RFR-linked IRD DV01 increased to $16.2 billion from $13.7 billion the prior month.
- Total IRD DV01 increased to $31.8 billion from $29.5 billion the prior month.
- RFR-linked IRD traded notional increased to $81.2 trillion from $67.3 trillion the prior month.
- Total IRD traded notional increased to $184.3 trillion compared to $172.8 trillion the prior month.
- The percentage of trading activity in SOFR increased to an all-time high of 57.2% of total USD IRD DV01 in August compared to 51.7% the prior month.
- GBP saw the largest percentage of RFR-linked IRD trading activity, totaling 99.8% 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: August 2022
Latest
The ISDA Notices Hub: One Year On
In times of war, armed forces are often required to mobilize over large distances at short notice. The most dreaded response to the question of how they are to be transported is ‘by LPC’, meaning ‘leather personnel carrier’ – the...
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....