ISDA has expanded its SwapsInfo analysis to include 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 September 2021 include:

• Total European IRD trading activity reported by APAs and TVs in the EU and UK was $16.1 trillion, the highest level since ISDA started tracking European trading activity in May 2021. Both UK and EU trading activity almost doubled compared to August 2021.
• IRD traded notional reported by APAs and TVs in the UK accounted for 77.4% of total European IRD traded notional, while EU IRD traded notional accounted for 22.6%.
• Euro-denominated IRD traded notional accounted for 41.0% of total European IRD traded notional. Sterling-denominated transactions comprised 36.8% of traded notional, while contracts denominated in US dollars contributed 12.5%.
• Overnight index swaps accounted for 40.3% of total European IRD traded notional, while fixed-for-floating interest rate swaps and forward rate agreements totaled 39.6% and 14.1%, respectively.
• 49.2% of total European IRD traded notional was executed on TVs, 39.3% was executed by systemic internalizers and 11.4% was executed off venue.