Germany: FRA, swap, and option turnover

The average daily turnover of over-the-counter (OTC) derivatives traded on in Germany fluctuated between 2001 and 2022, ranging from a peak of over 212 billion U.S. dollars in 2022 down from a low of 31.3 billion in 2016. The most common instrument traded also varied, with interest rate swaps growing dramatically in 2022.

Average daily turnover of over-the-counter FRAs, swaps, and options in Germany from 2001 to 2022 (in million U.S. dollars)

Characteristic	Forward rate agreement	Interest rate swap	Options
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-

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Release date

November 2022

More information

Region

Germany

Survey time period

2001 to 2022

Supplementary notes

All values taken as of April each year.

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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