The ISDA Interest Rate Benchmarks Review analyzes the trading volumes of interest rate derivatives (IRD) transactions in the US referencing the Secured Overnight Financing Rate (SOFR) and other selected alternative risk-free rates (RFRs), including the Sterling Overnight Index Average (SONIA), the Swiss Average Rate Overnight (SARON) and the Tokyo Overnight Average Rate (TONA). ISDA expects to add the Euro Short-Term Rate (€STR) to its analysis once it is published and traded. In addition, the report analyzes IRD traded notional referencing the London Interbank Offered Rate (LIBOR) denominated in US dollars, sterling, Swiss franc, yen, euro, as well as EURIBOR and TIBOR.
This report uses data from the Depository Trust & Clearing Corporation (DTCC) swap data repository (SDR). It therefore only covers trades that are
required to be disclosed under US regulations.
Documents (1) for Interest Rate Benchmarks Review: Second Quarter of 2019 and First Half of 2019
Latest
Joint Response on Future of Tokenization
On July 6, ISDA and Global Digital Finance (GDF) submitted a joint response to a call for input on the future of tokenization by the Financial Conduct Authority (FCA) and Bank of England. Tokenization presents a significant opportunity for the...
ISDA In Review – June 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in June 2026.
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
Letter on EU Legislative Reform
On July 1, ISDA and 11 other trade associations published a statement on enhancing the EU legislative and supervisory framework to support market competitiveness. The statement highlights a significant opportunity to strengthen the EU’s regulatory and supervisory framework through the...