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 2024, include:

• European IRD traded notional reported by APAs and TVs in the EU and UK rose by 24.9% to $248.0 trillion in 2024 from $198.5 trillion in 2023.
• Euro-denominated IRD traded notional grew by 15.1% to $138.2 trillion from $120.1 trillion and comprised 55.7% of total European IRD traded notional.
• Contracts denominated in US dollars increased by 13.3% to $38.0 trillion from $33.5 trillion, accounting for 15.3% of European IRD traded notional.
• Sterling-denominated IRD traded notional climbed by 43.0% to $38.3 trillion from $26.8 trillion and represented 15.4% of the European total. Other currencies made up 13.5% of European IRD traded notional.
• 73.8% of European IRD traded notional had a tenor up to and including one year, 15.0% had a tenor between one and five years and 9.4% had a tenor over five years.
• 34.2% of European IRD traded notional occurred on TVs and 36.5% was executed by systematic internalizers. The remaining 29.3% of IRD traded notional was reported as XOFF.

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