In 18 charts, we cover the main metrics for total liquidity for interest rate and overnight indexed swaps. Analysis breaks down via currencies, such as the Euro Inter-bank Offered Rate (EURIBOR) and Euro Short-Term Rates ESTR (ESTR), and the GBP London Inter-bank Offered Rate (LIBOR) and Sterling Over Night Indexed Average (SONIA), among others. We note:
- ESTR trading volumes continue trending upward at an accelerated pace
- SONIA trading volumes continue to dominate GBP swaps market
- SOFR is closing the gap with USD LIBOR
- JPY TONA has now completely overtaken JPY LIBOR