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 2022 include:
- Total European IRD trading activity reported by APAs and TVs in the EU and UK was $101.2 trillion, up by 38.5% from $73.0 trillion in the second half of 2021.
- Total IRD traded notional reported by APAs and TVs in the UK accounted for 74.9% of total European IRD traded notional, while EU IRD traded notional accounted for 25.1%.
- Euro-denominated IRD traded notional accounted for 47.8% of total European IRD traded notional. Sterling-denominated transactions comprised 17.5% of traded notional, while contracts denominated in US dollars contributed 22.1%.
- Overnight index swaps accounted for 46.3% of total European IRD traded notional, while fixed-for-floating interest rate swaps and forward rate agreements totaled 31.2% and 18.2%, respectively.
- 43.1% of total European IRD traded notional took place on TVs and 47.0% was executed by systematic internalizers. The remaining 9.9% of IRD traded notional was reported as XOFF.
Documents (1) for Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: First Half of 2022 and Second Quarter of 2022
Latest
ISDA Publishes SPS Matrix Version 1.02
On December 19, 2025, ISDA published an updated version (v1.02) of the ISDA Digital Asset Derivative Definitions Settlement Price Source Matrix (‘SPS Matrix”). The SPS Matrix contains a list of Settlement Price Sources (SPSs) and related terms that parties can...
From Milestone to Modernization
We’re coming to the end of an exceptionally busy year at ISDA, in which we celebrated our 40th anniversary and doubled down on our enduring commitment to safe and efficient derivatives markets. Reflecting on ISDA’s achievements since 1985, it’s clear...
Response on ASIC Derivative Transaction Rules
On December 3, ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules (Clearing) 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake...
IRD Trading Activity Q3 2025
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:...