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 2022 include:

• Total European IRD trading activity reported by APAs and TVs in the EU and UK was $184.4 trillion.
• IRD traded notional reported by APAs and TVs in the UK accounted for 73.0% of total European IRD traded notional, while EU IRD traded notional accounted for 27.0%.
• Euro-denominated IRD traded notional accounted for 50.8% of total European IRD traded notional. Sterling-denominated transactions comprised 19.1% of traded notional, while contracts denominated in US dollars contributed 18.3%.
• Overnight index swaps accounted for 50.5% of total European IRD traded notional, while fixed-for-floating interest rate swaps and forward rate agreements totaled 30.0% and 15.1%, respectively.
• 44.8% of total European IRD traded notional took place on TVs and 44.0% was executed by systematic internalizers. The remaining 11.2% of IRD traded notional was reported as XOFF.