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 2025 include:
- European IRD traded notional reported by APAs and TVs in the EU and UK rose by 33.8% to $146.5 trillion in the first half of 2025 versus $109.5 trillion in the first half of 2024.
- Euro-denominated IRD traded notional grew by 19.4% to $72.9 trillion from $61.0 trillion, representing 49.7% of total European IRD traded notional.
- Contracts denominated in US dollars rose by 38.2% to $22.1 trillion from $16.0 trillion, accounting for 15.1% of the European total.
- Sterling-denominated IRD traded notional increased by 45.3% to $26.7 trillion from $18.3 trillion and comprised 18.2% of European IRD traded notional. Other currencies made up 17.0% of European IRD traded notional.
- 73.0% of European IRD traded notional had a tenor up to and including one year, 15.8% had a tenor between one and five years and 9.5% had a tenor over five years.
- 36.6% of European IRD traded notional occurred on TVs and 42.0% was executed by systematic internalizers (SIs). The remaining 21.4% 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: First Half of 2025 and the Second Quarter of 2025
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