The latest monthly data from the ISDA-Clarus RFR Adoption Indicator suggests that while more contracts in the interest rate derivative space are linked to risk-free rates (RFRs), the portion is still largely in the minority. The indicator is intended to track how much global trading activity (as measured by DV01) is conducted in cleared OTC […]
The Financial Stability Board has published a statement on reforms to interbank offered rates and the development of overnight risk-free, or nearly risk-free, rates and term rates.
The FSB says the statement is intended to provide market participants and other stakeholders with its views ahead of a forthcoming consultation by the International Swaps and Derivatives Association which contemplates fall backs for certain derivative contracts based on overnight RFRs. The FSB started its work on reforms to IBORs following enforcement action taken by FSB member authorities in response to the manipulation of these benchmarks.