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 third quarter of 2025 include:

• European IRD traded notional reported by APAs and TVs in the EU and UK rose by 29.1% to $83.9 trillion in the third quarter of 2025 versus $65.0 trillion in the third quarter of 2024.
• Euro-denominated IRD traded notional fell by 5.9% to $33.1 trillion from $35.2 trillion, representing 39.5% of total European IRD traded notional.
• Contracts denominated in US dollars rose by 51.3% to $16.0 trillion from $10.6 trillion, accounting for 19.1% of the European total.
• Sterling-denominated IRD traded notional increased by 75.0% to $17.1 trillion from $9.8 trillion and comprised 20.4% of European IRD traded notional. Other currencies made up 21.0% of European IRD traded notional.
• 77.4% of European IRD traded notional had a tenor up to and including one year, 13.8% had a tenor between one and five years and 7.6% had a tenor over five years.
• 33.5% of European IRD traded notional occurred on TVs and 46.7% was executed by systematic internalizers. The remaining 19.8% of IRD traded notional was reported as XOFF. 

Click on the attached PDF to read the full report.