Stats › Intraday and market microstructure › The euro rate switch
The euro overnight rate took two years to become half of new swap trading, not a weekend
| Reporting region | September 2021 | September 2022 | September 2023 |
|---|---|---|---|
| European Union | 8.4% | 44.1% | 53.0% |
| United Kingdom | 0.6% | 45.0% | 63.1% |
| United States | 1.9% | 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.
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