The preliminary global results from the 2013 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in over-the-counter (OTC) interest rate derivatives markets averaged $2.3 trillion per day in April 2013. This is up from $2.1 trillion in April 2010 and $1.7 trillion in April 2007. Interest rate swaps were the most actively traded instruments in 2013, at $1.4 trillion per day, followed by forward rate agreements at $0.8 trillion.
The growth of interest rate derivatives trading was driven by financial institutions other than reporting dealers. Trading between dealers and non-financial customers contracted between the 2010 and 2013 surveys. So too did inter-dealer activity, which at 35% in 2013 accounted for the lowest share of total turnover since interest rate data were first collected in 1995.
In contrast to foreign exchange markets, where turnover increased in most currencies between 2010 and 2013, the trend in interest rate derivatives markets varied across currencies. The turnover of OTC contracts on euro interest rates increased to $1.1 trillion, whereas that on US dollar rates was unchanged at $0.7 trillion and that on yen rates declined to less than $0.1 trillion. The turnover of interest rate derivatives for several emerging market currencies increased significantly between the 2010 and 2013 surveys, including for the Brazilian real, South African rand and Chinese renminbi.
Changes in the geographical distribution of turnover tended to track the changes across currencies, increasing in centres where euro and emerging market interest rate contracts are traded and declining in some other centres. The proportion of trading intermediated by sales desks in the United Kingdom increased to 49% in April 2013 from 47% in April 2010.
The global results for foreign exchange turnover and interest rate derivatives turnover are available in separate reports on the BIS website. National survey results, from which the global results are compiled, are available on the websites of participating authorities.
The preliminary global results from the 2013 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in over-the-counter (OTC) interest rate derivatives markets averaged $2.3 trillion per day in April 2013. This is up from $2.1 trillion in April 2010 and $1.7 trillion in April 2007. Interest rate swaps were the most actively traded instruments in 2013, at $1.4 trillion per day, followed by forward rate agreements at $0.8 trillion.The growth of interest rate derivatives trading was driven by financial institutions other than reporting dealers. Trading between dealers and non-financial customers contracted between the 2010 and 2013 surveys. So too did inter-dealer activity, which at 35% in 2013 accounted for the lowest share of total turnover since interest rate data were first collected in 1995.In contrast to foreign exchange markets, where turnover increased in most currencies between 2010 and 2013, the trend in interest rate derivatives markets varied across currencies. The turnover of OTC contracts on euro interest rates increased to $1.1 trillion, whereas that on US dollar rates was unchanged at $0.7 trillion and that on yen rates declined to less than $0.1 trillion. The turnover of interest rate derivatives for several emerging market currencies increased significantly between the 2010 and 2013 surveys, including for the Brazilian real, South African rand and Chinese renminbi.Changes in the geographical distribution of turnover tended to track the changes across currencies, increasing in centres where euro and emerging market interest rate contracts are traded and declining in some other centres. The proportion of trading intermediated by sales desks in the United Kingdom increased to 49% in April 2013 from 47% in April 2010.The global results for foreign exchange turnover and interest rate derivatives turnover are available in separate reports on the BIS website. National survey results, from which the global results are compiled, are available on the websites of participating authorities.
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