This paper highlights changes in the size and structure of global over-the-counter interest rate derivatives (IRD) markets from 2007 to 2019, using data from the Bank for International Settlements (BIS) Triennial Central Bank Surveys.
IRD average daily turnover, which measures market activity, more than doubled in April 2019 compared with April 2016. This rate of growth was considerably higher relative to prior periods.
US dollar-denominated contracts remained the most actively traded IRD in April 2019, having surpassed euro-denominated instruments in trading volume in April 2016. On a geographic basis, the UK took back its status as the largest global center for IRD trading, surpassing the US.
Documents (1) for Global Interest Rate Derivatives Markets: Insights into the 2019 BIS Triennial Central Bank Survey
Latest
US Treasury Repo Clearing Indicators May 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, the key objective of the Securities...
ISDA, FIA, GFMA, CMC, CMCE Respond to IOSCO on Best Practices for OTC Commodity Derivatives
ISDA, FIA, the Global Financial Markets Association (GFMA), the Commodity Markets Council (CMC) and the Commodity Markets Council Europe (CMCE), have responded to the International Organization of Securities Commissions' (IOSCO) consultation report on best practices for over-the-counter (OTC) commodity derivatives...
Joint Response to 2026 US G-SIB Surcharge Proposal
On June 18, ISDA, the Securities Industry and Financial Markets Association and the Institute of International Finance submitted a joint response to US agencies on proposed changes to the surcharge for global systemically important banks (G-SIBs). The associations welcome the...
Eyeing the Basel III Finish Line
An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with...