This report analyzes 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 the first half of 2022 include:
- Total European IRD trading activity reported by APAs and TVs in the EU and UK was $101.2 trillion, up by 38.5% from $73.0 trillion in the second half of 2021.
- Total IRD traded notional reported by APAs and TVs in the UK accounted for 74.9% of total European IRD traded notional, while EU IRD traded notional accounted for 25.1%.
- Euro-denominated IRD traded notional accounted for 47.8% of total European IRD traded notional. Sterling-denominated transactions comprised 17.5% of traded notional, while contracts denominated in US dollars contributed 22.1%.
- Overnight index swaps accounted for 46.3% of total European IRD traded notional, while fixed-for-floating interest rate swaps and forward rate agreements totaled 31.2% and 18.2%, respectively.
- 43.1% of total European IRD traded notional took place on TVs and 47.0% was executed by systematic internalizers. The remaining 9.9% of IRD traded notional was reported as XOFF.
Documents (1) for Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: First Half of 2022 and Second Quarter of 2022
Latest
LSEG's TradeAgent Integrates ISDA DRR
ISDA has announced that LSEG has integrated ISDA’s Digital Regulatory Reporting (DRR) solution into its Post Trade Solutions business, TradeAgent, representing a significant milestone in the industry deployment of the ISDA DRR. The ISDA DRR converts an industry-agreed interpretation of...
Global FX Derivatives Market Overview
Global FX derivatives average daily turnover reached $6.6 trillion in April 2025, roughly double its level in April 2013. While FX swaps remain the largest segment in absolute terms, recent growth has been driven by outright forwards and FX options,...
Safe, Efficient Markets for SFTs
Securities financing transactions (SFTs) – including repurchase agreements (repo), securities lending, buy/sell backs and margin lending – are foundational to the functioning of modern financial markets. They support the day-to-day distribution of liquidity, enable collateral to move efficiently across cash...
ISDA, GFXD, UK Finance, LMA Respond to HMT on UK BMR Reform
On March 11, ISDA, the Global Foreign Exchange Division of the Global Financial Markets Association, UK Finance and the Loan Market Association responded jointly to a consultation from His Majesty’s Treasury on the future regulatory regime for benchmarks and benchmark...