The average daily turnover of over the counter (OTC) interest rate derivatives traded in the United States rose dramatically in 2016 and 2019, reaching to total of around 2.35 trillion U.S. dollars as of April 2019. This compares to just 626 billion U.S. dollars in 2013, and just over 100 billion U.S. dollars per day in 2001. Despite the U.S. having a far larger overall economy, the size of the OTC interest rate derivatives market in the UK was significantly larger in than the U.S. in 2019.
Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019
(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. (December 8, 2019). Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements. "Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars)." Chart. December 8, 2019. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements. (2019). Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements. "Average Daily Turnover of Over-the-counter Fras, Swaps, and Options in The United States from 2001 to 2019 (in Million U.S. Dollars)." Statista, Statista Inc., 8 Dec 2019, https://www.statista.com/statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements, Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/ (last visited November 22, 2024)
Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars) [Graph], Bank for International Settlements, December 8, 2019. [Online]. Available: https://www.statista.com/statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
