Check out the latest research papers ISDA Margin Survey Year-end 2022 and ISDA-Clarus RFR Adoption Indicator: April 2023.
Interest Rate Derivatives
2023 YTD vs. 2022 YTD
- Total IRD traded notional and trade count increased by 20% and 24%, respectively
- Fixed-for-floating IRS traded notional and trade count decreased by 40% and 1%, respectively
- FRA traded notional and trade count increased by 29% and 35%, respectively
- OIS traded notional and trade count increased by 62% and 57%, respectively
- 78% of total traded notional was cleared vs. 75% last year
- 54% of total traded notional was executed on SEFs vs. 59% last year
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/05/IRD-YTD-5.12.2023.png)
2023 Current Week vs. 2022 Current Week
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/05/IRD-Week-5.12.2023.png)
Interest Rate Derivatives: Benchmark Data
YTD Ending May 12, 2023
- SOFR traded notional totaled $30.8 trillion, including $3.2 trillion of basis swaps. Trade count totaled 331.3 thousand, including 22.0 thousand basis swaps
- SONIA traded notional totaled $12.0 trillion, including $346.7 billion of basis swaps. Trade count totaled 63.0 thousand, including 3.0 thousand basis swaps
- SARON traded notional totaled $408.6 billion, including $41.3 billion of basis swaps. Trade count totaled 8.6 thousand, including 407 basis swaps
- TONA traded notional totaled $2.3 trillion, including $505.6 billion of basis swaps. Trade count totaled 30.2 thousand, including 4.8 thousand basis swaps
- €STR traded notional totaled $20.9 trillion, including $795.9 billion of basis swaps. Trade count totaled 44.5 thousand, including 5.3 thousand basis swaps
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/05/Benchmark-5.12.2023.png)
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 24% and 13%, respectively
- CDX HY traded notional and trade count decreased by 18% and 10%, respectively
- CDX IG traded notional and trade count decreased by 19% and 8%, respectively
- iTraxx Europe traded notional and trade count decreased by 30% and 11%, respectively
- 87% of total traded notional was cleared vs. 82% last year
- 85% of total traded notional was executed on SEFs vs. 81% last year
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/05/CDS-YTD-5.12.2023.png)
2023 Current Week vs. 2022 Current Week
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/05/CDS-Week-5.12.2023.png)
Credit Derivatives Reported under SEC Regulation
YTD Ending May 12, 2023
- Credit derivatives traded notional totaled $275.5 billion, while trade count totaled 86.7 thousand
- Corporate single-name CDS traded notional totaled $208.6 billion, and trade count was 66.0 thousand
- Sovereign single-name CDS traded notional totaled $55.3 billion, and trade count was 13.9 thousand
- 51% of total traded notional was cleared
![](https://cdn.analysis.swapsinfo.org/core/uploads/2023/05/SEC-Credit-5.12.2023.png)