Between 2001 and 2022, the average daily turnover of over-the-counter (OTC) derivatives traded in Italy fluctuated considerably, peaking in 2004. The turnover of derivatives in 2004 amounted to a total value of about 38 billion U.S. dollars, while the turnover of derivatives in 2019 only amounted to 11.5 billion U.S. dollars, the market is experiencing upward growth as the total value climbs to roughly 21.4 billion U.S. dollars in 2022. The most commonly traded interest rate instruments were interest rate swaps, which are forward contracts wherein future interest payment streams are exchanged based on a definite principal amount.
Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022
(in million U.S. dollars)
Over the counter (OTC) refers to foreign exchange transactions that occur outside regulated exchanges (such as the New Yok Stock Exchange or London Stock Exchange).
Forward rate agreement: an agreement for the purchase and sale of interest-bearing asset (such as a bond) at a fixed price at a point in the future;
Swap: the exchange of two different types of interest rates on the same notional principle, with one investor paying a fixed interest rate but receiving variable interest rate payments, and the other paying a variable interest rate but receiving payments based on a fixed interest rate;
Option: an agreement to purchase an interest-bearing asset at some time on the future, but with no obligation to carry out the transaction (unlike with forwards).
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Bank for International Settlements. (February 1, 2023). Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements. "Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars)." Chart. February 1, 2023. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements. (2023). Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements. "Average Daily Turnover of Over-the-counter Fras, Swaps, and Options in Italy from 2001 to 2022 (in Million U.S. Dollars)." Statista, Statista Inc., 1 Feb 2023, https://www.statista.com/statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements, Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/ (last visited December 22, 2024)
Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars) [Graph], Bank for International Settlements, February 1, 2023. [Online]. Available: https://www.statista.com/statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
