This paper highlights changes in over-the-counter (OTC) interest rate derivatives (IRD) markets between April 2022 and April 2025, based on data from the Bank for International Settlements (BIS) Triennial Central Bank Survey. The survey provides a comprehensive view of global IRD trading activity across currencies and trading locations.
Global IRD average daily turnover rose by nearly 60% to $7.9 trillion in April 2025 from $5.0 trillion in April 2022. The increase was driven by strong growth in euro-denominated IRD trading, which surpassed US dollar-denominated instruments to account for the largest share of global turnover.
The UK strengthened its position as the leading global center for IRD trading, while EU-based sales desks recorded a marked increase as more euro-denominated transactions migrated to continental Europe. US-based turnover also grew but at a slower pace, resulting in a smaller global share in April 2025 than in April 2022.
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Documents (1) for Reshaping the Global IRD Landscape: Key Findings from the 2025 BIS Triennial Survey
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