Croissance des dérivés de taux d'intérêt au T1 2025

Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: First Quarter of 2025

Introduction

The report provides an in-depth analysis of interest rate derivatives (IRD) trading activity in the EU, UK, and US markets for the first quarter of 2025. It is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs).

Key Highlights

European IRD Trading Volume

In the first quarter of 2025, the European IRD traded notional reported by APAs and TVs in the EU and UK rose by 30.7% to $75.7 trillion, compared to $57.9 trillion in the first quarter of 2024.

Currency Breakdown

Euro-denominated IRD traded notional grew by 9.2% to $38.2 trillion from $34.9 trillion, representing 50.4% of the total European IRD traded notional. Contracts denominated in US dollars rose by 30.9% to $11.1 trillion from $8.5 trillion, accounting for 14.7% of the European total. Sterling-denominated IRD traded notional increased by 64.4% to $14.1 trillion from $8.6 trillion, comprising 18.6% of European IRD traded notional. Other currencies made up 16.3% of European IRD traded notional.

Tenor Distribution

73.8% of European IRD traded notional had a tenor up to and including one year, 14.8% had a tenor between one and five years, and 9.3% had a tenor over five years.

Execution Venues

35.4% of European IRD traded notional occurred on TVs, 42.4% was executed by systematic internalizers (SIs), and the remaining 22.1% was reported as XOFF.

Conclusion

This report highlights significant growth in the IRD market, particularly in sterling-denominated contracts. The data suggests a robust market with diverse currency participation and varied tenor distributions.

Quelques pistes pour l'intégration opérationnelle dans votre dispositif :

- Analyser les tendances de croissance par devise pour ajuster les stratégies de couverture.

- Évaluer l'impact des variations de volume sur les systèmes de reporting.

- Surveiller les évolutions réglementaires pour anticiper les changements de marché.

- Optimiser les processus de trading pour les tenors courts et longs.

- Renforcer la collaboration avec les APAs et TVs pour améliorer la transparence des transactions.