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 2025 include:
- European IRD traded notional reported by APAs and TVs in the EU and UK rose by 32.3% to $329.6 trillion in 2025 versus $249.1 trillion in 2024.
- IRD traded notional reported in the UK accounted for 84.7% of the European total, while traded notional reported in the EU comprised 15.3%.
- Combined EU, UK and US IRD traded notional grew by 40.8% to $866.4 trillion in 2025, with the US accounting for 62.0% of the total, the UK comprising 32.2% and the EU making up 5.8%.
- 79.9% of US-denominated IRD was reported in the US, with 18.3% reported in the UK and 1.8% reported in the EU.
- 51.3% of Euro-denominated IRD was reported in the US, 34.3% in the UK and 14.5% reported in the EU.
- 50.8% of Sterling-denominated IRD was reported in the US, 48.0% in the UK and 1.1% in the EU.
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 2025 and the Fourth Quarter of 2025
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