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Insights into Global OTC IRD Markets Based on the 2022 BIS Triennial Central Bank Survey

Research
Research Notes December 7, 2022
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This paper highlights the changes in over-the-counter (OTC) interest rate derivatives (IRD) markets from 2019 to 2022, using the data from the Bank for International Settlements Triennial Central Bank Survey.

Turnover of global OTC IRD fell by 18.8% in April 2022 versus the previous survey in April 2019 due to a significant decline in US dollar-denominated forward rate agreements. Turnover of euro-denominated contracts grew by 10.4% over the same period.

The UK remained the largest global center for IRD trading, even though the share of global turnover reported by sales desks located in the UK dropped in April 2022 versus the previous survey. Sales desks in the EU reported a higher share of euro-denominated IRD turnover in April 2022 than in April 2019.

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