The 2016 Triennial Central Bank Survey of foreign exchange and over-the-counter (OTC) derivatives market activity shows that US dollar-denominated instruments overtook euro-denominated instruments as the most actively traded OTC interest rate derivatives. Trading in OTC single currency interest rate derivatives averaged $2.7 trillion per day in April 2016. This is up from $2.3 trillion in April 2013. Interest rate swaps were the most actively traded instruments in 2016, $1.9 trillion per day, followed by forward rate agreements at $0.7 trillion. The same survey also shows a decline in foreign exchange (FX) spot trading for the first time since 2001, even as activity in FX derivatives continued to increase.
View Trading of OTC interest rate derivatives increases to $2.7 trillion per day in April 2016, 1 September 2016
View Global FX trading averages $5.1 trillion a day in April 2016; spot trading falls while FX swaps rise, 1 September 2016