This paper examines the progress made on the global transition to risk-free rates (RFRs). Specifically, it analyzes the adoption of the Secured Overnight Financing Rate in different regions and highlights major industry developments that are expected to take place in the first half of 2023. The paper also explores several current topics related to the RFR transition, including synthetic LIBOR rates, term RFRs, credit-sensitive rates and the modification of clearing and trading requirements.
Documents (1) for Progress on Global Transition to RFRs in Derivatives Markets
Latest
Response to BoE on Systemic Stablecoins
On February 10, ISDA responded to the Bank of England’s (BoE) consultation on a proposed regulatory regime for sterling-denominated systemic stablecoins. In the response, ISDA highlights that any regulatory framework should be assessed through the lens of prudent risk management...
SwapsInfo Full Year 2025 and Q4 2025
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in 2025, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by about 46% year-on-year, led by an increase in overnight index swaps (OIS). Index...
ISDA ALF: Katherine Tew Darras Opening Remarks
ISDA Annual Legal Forum London, February 11, 2026 Opening Remarks Katherine Tew Darras ISDA General Counsel Good morning and welcome to ISDA’s Annual Legal Forum. Thank you for joining us today and thanks to our platinum sponsors – Cleary...
Maintaining Focus on Basel III Endgame Recalibration
In its original form, the US Basel III endgame proposal would have resulted in disproportionate increases in capital for trading book activities, forcing banks to make difficult choices about their participation in certain businesses. After two-and-a-half years, a revised proposal...