An ISDA study shows that the decline in trading volumes has been pronounced at Swap Execution Facilities and in off-venue deals, as three quarters of the total volume of interest rate derivatives has now been cleared.
According to a yearly review paper by the International Swaps and Derivatives Association (ISDA), trends in the interest rate derivatives markets have been shifting throughout 2014. The organization highlights in its study that derivatives users are trading interest rate derivatives (IRD) more frequently but in smaller sizes.
The study named “ISDA SwapsInfo 2014 Year in Review” points to a 17.6% decline in the average daily notional volume of IRDs traded from the first to the fourth quarter of 2014. The total ADV totaled $484.4 billion in the fourth quarter. Throughout the same period average daily trade counts increased from 3,622 to 3,800.
The results of the study reveal a decline in the average size per trade from $162.3 million in the first quarter to $127.5 million in the final three months of the year.
The trend has been broad-based with all transactions being affected - off-venue trading and swap Execution facility (SEF) trading have both performed similarly. That said, when compared to a year ago, ADV more than doubled from $237.6 billion in 2013 to $519.4 billion last year.
The number of trades increased by 44.6% from an average of 2,447 trades per day in 2013 to 3,539 in 2014. The share of cleared trades over the period remained on a growth path, now accounting for 76.5% of average daily IRD notional volumes in 2014, compared to 71.7% in 2013.
SEF trading has also increased as it now accounts for 52.4% of the average daily notional volume (ADV) against 19% in 2013.
The CEO of ISDA, Scott O’Malia, who previously served as a U.S. CFTC commissioner, said, “Our research shows the impact of regulatory reforms on derivatives trading volumes. More than three quarters of interest rate derivatives average daily notional is now cleared. The number of trades conducted each day increased over the course of 2014, while trade sizes decreased.”
The study analyzes IRD and CDS data collected from the ISDA SwapsInfo site, aggregating information from users data from the Depository Trust & Clearing Corporation (DTCC) and Bloomberg US swap data repositories. Additional information about volumes is gathered from individual swap execution facility (SEF) websites.
The full ISDA SwapsInfo 2014 Year in Review study can be found below.
According to a yearly review paper by the International Swaps and Derivatives Association (ISDA), trends in the interest rate derivatives markets have been shifting throughout 2014. The organization highlights in its study that derivatives users are trading interest rate derivatives (IRD) more frequently but in smaller sizes.
The study named “ISDA SwapsInfo 2014 Year in Review” points to a 17.6% decline in the average daily notional volume of IRDs traded from the first to the fourth quarter of 2014. The total ADV totaled $484.4 billion in the fourth quarter. Throughout the same period average daily trade counts increased from 3,622 to 3,800.
The results of the study reveal a decline in the average size per trade from $162.3 million in the first quarter to $127.5 million in the final three months of the year.
The trend has been broad-based with all transactions being affected - off-venue trading and swap Execution facility (SEF) trading have both performed similarly. That said, when compared to a year ago, ADV more than doubled from $237.6 billion in 2013 to $519.4 billion last year.
The number of trades increased by 44.6% from an average of 2,447 trades per day in 2013 to 3,539 in 2014. The share of cleared trades over the period remained on a growth path, now accounting for 76.5% of average daily IRD notional volumes in 2014, compared to 71.7% in 2013.
SEF trading has also increased as it now accounts for 52.4% of the average daily notional volume (ADV) against 19% in 2013.
The CEO of ISDA, Scott O’Malia, who previously served as a U.S. CFTC commissioner, said, “Our research shows the impact of regulatory reforms on derivatives trading volumes. More than three quarters of interest rate derivatives average daily notional is now cleared. The number of trades conducted each day increased over the course of 2014, while trade sizes decreased.”
The study analyzes IRD and CDS data collected from the ISDA SwapsInfo site, aggregating information from users data from the Depository Trust & Clearing Corporation (DTCC) and Bloomberg US swap data repositories. Additional information about volumes is gathered from individual swap execution facility (SEF) websites.
The full ISDA SwapsInfo 2014 Year in Review study can be found below.
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FP Markets Winner Spotlight 🏆 | Global Broker of the Year 2025 #Trading #Broker #Innovation #Shorts
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FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
Martin Stoilov, Head of Client Experience, shares that trust, innovation, and people played a key role in the company’s success, supported by a strong foundation of integrity and client-centricity.
Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
FP Markets takes the spotlight as Global Broker of the Year 2025 at the Finance Magnates Awards.
Martin Stoilov, Head of Client Experience, shares that trust, innovation, and people played a key role in the company’s success, supported by a strong foundation of integrity and client-centricity.
Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
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We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
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#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
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#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
