Check out the latest ISDA-Clarus RFR Adoption Indicator: March 2023.
Interest Rate Derivatives
2023 YTD vs. 2022 YTD
- Total IRD traded notional and trade count increased by 22% and 27%, respectively
- Fixed-for-floating IRS traded notional decreased by 38%, while trade count increased by 4%
- FRA traded notional and trade count increased by 38% and 47%, respectively
- OIS traded notional and trade count increased by 64% and 60%, respectively
- 78% of total traded notional was cleared vs. 74% last year
- 54% of total traded notional was executed on SEFs vs. 58% last year
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/04/IRD-YTD-2023.04.24.jpg)
2023 Current Week vs. 2022 Current Week
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/04/IRD-Week-2023.04.24.jpg)
Interest Rate Derivatives: Benchmark Data
YTD Ending April 21 2023
- SOFR traded notional totaled $26.1 trillion, including $2.7 trillion of basis swaps. Trade count totaled 279.2 thousand, including 18.8 thousand basis swaps
- SONIA traded notional totaled $10.5 trillion, including $292.3 billion of basis swaps. Trade count totaled 56.5 thousand, including 2.5 thousand basis swaps
- SARON traded notional totaled $340.6 billion, including $32.1 billion of basis swaps. Trade count totaled 7.2 thousand, including 332 basis swaps
- TONA traded notional totaled $2.1 trillion, including $454.6 billion of basis swaps. Trade count totaled 26.9 thousand, including 4.4 thousand basis swaps
- €STR traded notional totaled $17.4 trillion, including $672.1 billion of basis swaps. Trade count totaled 37.3 thousand, including 4.5 thousand basis swaps
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/04/Benchmark-2023.04.24.jpg)
Click here to view RFR data by product and tenor and RFR historical data
Credit Derivatives Reported under CFTC Regulation
2023 YTD vs. 2022 YTD
- Total credit derivatives traded notional and trade count decreased by 20% and 8%, respectively
- CDX HY traded notional and trade count decreased by 13% and 6%, respectively
- CDX IG traded notional and trade count decreased by 15% and 3%, respectively
- iTraxx Europe traded notional and trade count decreased by 24% and 5%, respectively
- 87% of total traded notional was cleared vs. 83% last year
- 85% of total traded notional was executed on SEFs vs. 82% last year
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/04/CDS-YTD-2023.04.24.jpg)
2023 Current Week vs. 2022 Current Week
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/04/CDS-Week-2023.04.24.jpg)
Credit Derivatives Reported under SEC Regulation
YTD Ending April 21, 2023
- Credit derivatives traded notional totaled $236.1 billion, while trade count totaled 73.3 thousand
- Corporate single-name CDS traded notional totaled $177.2 billion, and trade count was 55.7 thousand
- Sovereign single-name CDS traded notional totaled $48.0 billion, and trade count was 12.0 thousand
- 50% of total traded notional was cleared
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/04/SEC-Credit-2023.04.24.jpg)