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Statistik › Intraday und Marktmikrostruktur › The euro rate switch

The euro overnight rate took two years to become half of new swap trading, not a weekend

Reporting regionSeptember 2021September 2022September 2023
Europäische Union8.4%44.1%53.0%
Vereinigtes Königreich0.6%45.0%63.1%
Vereinigte Staaten1.9%41.6%57.6%

Share of total euro interest rate derivative traded notional, cleared and non cleared, referencing the new overnight rate, by region of reporting. From data presented to the official working group and reproduced in its minutes. The old rate was permanently discontinued on 3 January 2022, in the middle of this series.

The old euro overnight benchmark was discontinued in January 2022. The new rate's share of euro derivative notional rose from 8.4 per cent in September 2021 to 53.0 per cent two years later, measured in the European Union.

8.4%New rate's share of euro derivative notional, September 2021
44.1%The same share in September 2022
53.0%The same share in September 2023
8.5 basis pointsFixed spread that linked the old rate to the new one

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