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.
Click on the attached PDF to read the full report.
Documents (1) for Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: Full Year 2024 and the Fourth Quarter of 2024
Latest
ISDA Presents Lock-Up Agreement Proposal
ISDA is pleased to present the proposed Lock-Up Agreements and CDS – Proposed Auction Solution. “Lock-Up Agreements” are market-wide arrangements, broadly standardized and predominantly integrated with court sanctioned restructuring or bankruptcy processes. Numerous end users will sign material Lock-Up Agreements...
Key Trends in OTC Derivatives Market H2 2024
The latest data from the Bank for International Settlements (BIS) over-the-counter (OTC) derivatives statistics shows a modest increase in notional outstanding during the second half of 2024 compared to the same period in 2023. Notional outstanding for interest rate, foreign...
Request to Extend Relief on No-Action Letter 22-18
On July 3, ISDA requested to extend the relief under the Commodity Futures Trading Commission's (CFTC) no-action letter No. 22-18. ISDA requests that the relief is extended until further action by the CFTC resolves the overlapping and contradictory reporting obligations...
Industry Report under Project Guardian
ISDA and Ant International led the Project Guardian FX industry group to develop a new report for implementing tokenised bank liabilities and shared ledger in cross-border payments and foreign exchange (FX) settlement. The joint report is produced under the Monetary...