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
ISDA In Review – July 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in July 2026.
ISDA Expands SwapsInfo with US FX Derivatives Data
ISDA has expanded its SwapsInfo website to include data on US-reported foreign exchange (FX) derivatives, further increasing transparency in the over-the-counter (OTC) derivatives market. The new FX section provides insights into trading activity in FX forwards, swaps and options. Users...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
ISDA Feedback on Identifying Reference Data
On July 20, ISDA submitted feedback to the European Securities and Markets Authority (ESMA) on draft Level 3 guidance on several technical issues caused by the interaction of the recently adopted regulatory technical standard on derivatives transparency (RTS 2) and...