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
ISDA AGM Studio: Darcy Bradbury & Tyler Wellensiek
Darcy Bradbury, ISDA board member and managing director at D. E. Shaw, and Tyler Wellensiek, managing director and global head of market structure at BlackRock, speaks with Chris Young, ISDA’s head of US public policy, about how the post‑crisis regulatory...
Response to ESMA Guarantees
On April 30, ISDA responded to the European Securities and Markets Authority (ESMA) consultation paper on guarantees as central counterparty (CCP) collateral and certain aspects of CCP investment policy. ISDA broadly supports ESMA’s proposed draft regulatory technical standards (RTS) to...
ISDA AGM Studio: Jenny Cosco and Jason Granet
Jenny Cosco, global head of government relations and regulatory strategy at LSEG, and Jason Granet, chief investment officer at BNY, speak with Tara Kruse, ISDA’s global head of derivative products and infrastructure, about how firms can manage liquidity pressures during...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
