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
Latest
Gentek AI Selected to Develop DRR Traceability
ISDA has selected Gentek AI to develop a new traceability tool for the ISDA Digital Regulatory Reporting (DRR) solution, enhancing transparency for users of the ISDA DRR. The traceability tool will allow users to look back at the history of...
ISDA Guidance: SOFR Publication on Good Friday 2026
ISDA guidance for parties to over-the-counter derivative transactions affected by expected non-publication of SOFR on Good Friday in 2026. Please note that the guidance may be updated from time to time.
ISDA Paper on FRTB Rules in Brazil
On March 24, ISDA submitted a paper to Banco Central do Brazil’s (BCB) on its implementation of the revised market risk framework under the Fundamental Review of the Trading Book (FRTB), which represents an important step toward strengthening prudential standards...
IQ Interview with Mark Uyeda
Mandatory clearing of US Treasury securities is due to begin at the end of this year under rules finalized by the Securities and Exchange Commission (SEC) in 2023. SEC commissioner Mark Uyeda talks to IQ about the benefits of clearing...