Highlights from the BIS 2016 Triennial Survey of turnover in OTC interest rate derivatives markets:

• Daily turnover in OTC interest rate derivatives averaged $2.7 trillion in April 2016. This was up from $2.3 trillion in 2013 and $2.1 trillion in 2010. Turnover in 2016 was boosted in part by more comprehensive reporting by dealers:
• Interest rate swaps remained the most actively traded instruments in April 2016, at $1.9 trillion per day, followed by forward rate agreements (FRAs) at $651 billion
• US dollar-denominated instruments overtook euro-denominated instruments as the most actively traded OTC interest rate derivatives.
• The importance of financial institutions other than reporting dealers continued to increase. Their share of turnover rose from 59% in April 2013 to 66% in April 2016. Over the same period, the share of trading volume among reporting dealers declined from 34% to 26%. That of trades with non-financial customers edged up slightly to 8%.
• The geographical distribution of OTC interest rate derivatives trading saw the United States become the largest centre, surpassing the United Kingdom.

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