ISDA has expanded its SwapsInfo analysis to include interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs).

Key highlights for June 2021 include:

• Total European IRD trading activity reported by APAs and TVs in the EU and UK was $11.6 trillion. IRD traded notional reported by APAs and TVs in the UK comprised 73.9% of total European IRD traded notional, while EU IRD traded notional accounted for 26.1%.
• Euro-denominated IRD traded notional accounted for 40.9% of total European traded notional. Sterling-denominated transactions comprised 24.8% of traded notional, while contracts denominated in US dollars contributed 21.0%.
• Fixed-for-floating interest rate swaps accounted for 48.1% of total European IRD traded notional, while forward rate agreements and overnight index swaps totaled 13.5% and 31.5%, respectively.
• 56.0% of total European IRD traded notional was executed on TVs, 31.0% was executed by systemic internalizers and 13.0% was executed off venue.
• 61.6% of total European IRD traded notional was cleared.