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 full year 2022 include:
- Total European IRD trading activity reported by APAs and TVs in the EU and UK was $184.4 trillion.
- IRD traded notional reported by APAs and TVs in the UK accounted for 73.0% of total European IRD traded notional, while EU IRD traded notional accounted for 27.0%.
- Euro-denominated IRD traded notional accounted for 50.8% of total European IRD traded notional. Sterling-denominated transactions comprised 19.1% of traded notional, while contracts denominated in US dollars contributed 18.3%.
- Overnight index swaps accounted for 50.5% of total European IRD traded notional, while fixed-for-floating interest rate swaps and forward rate agreements totaled 30.0% and 15.1%, respectively.
- 44.8% of total European IRD traded notional took place on TVs and 44.0% was executed by systematic internalizers. The remaining 11.2% of IRD traded notional was reported as XOFF.
Documents (1) for IRD Trading Activity Reported in EU, UK and US Markets: Full Year of 2022 and Fourth Quarter of 2022
Latest
Trading Book Capital: Scott O'Malia Remarks
Trading Book Capital: Capital Conundrum, Navigating Basel III Endgame February 5, 2026 Welcoming Remarks Scott O’Malia, ISDA Chief Executive Good afternoon, and welcome to ISDA’s Trading Book Capital event – it’s great to be here in New York. We...
ISDA In Review – January 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in January 2026.
ISDA Responds to RBI Unique Transaction Identifier (UTI) Proposals
On November 14, 2025, ISDA submitted comments to a Draft Circular from the Reserve Bank of India (RBI) proposing to mandate the global Unique Transaction Identifier (UTI) for all transactions in OTC markets for Rupee interest rate derivatives, forward contracts in Government...
How and Why Pension Funds Use Derivatives
With over $58 trillion in assets globally, pension fund managers are major participants in financial markets and play a vital role in helping to provide post-retirement incomes for plan employees. Meeting such an important goal requires careful consideration of investment...