Russia USD/RUB Swap: Overnight: Base Swap Rate data was reported at 87.115 USD/RUB in 25 Feb 2022. This records an increase from the previous number of 80.647 USD/RUB for 24 Feb 2022. Russia USD/RUB Swap: Overnight: Base Swap Rate data is updated daily, averaging 35.939 USD/RUB from Sep 2002 (Median) to 25 Feb 2022, with 4597 observations. The data reached an all-time high of 87.115 USD/RUB in 25 Feb 2022 and a record low of 23.125 USD/RUB in 16 Jul 2008. Russia USD/RUB Swap: Overnight: Base Swap Rate data remains active status in CEIC and is reported by Bank of Russia. The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME002: ForEx Swap Transactions: Bank of Russia: Terms.

Russia USD/RUB Swap Rate: NFEA: Yield: 1W data was reported at 15.980 % pa in 30 Mar 2022. This stayed constant from the previous number of 15.980 % pa for 29 Mar 2022. Russia USD/RUB Swap Rate: NFEA: Yield: 1W data is updated daily, averaging 6.458 % pa from Dec 2009 (Median) to 30 Mar 2022, with 3003 observations. The data reached an all-time high of 29.240 % pa in 18 Dec 2014 and a record low of 1.904 % pa in 24 Dec 2010. Russia USD/RUB Swap Rate: NFEA: Yield: 1W data remains active status in CEIC and is reported by Self-regulatory organisation «National Finance Association». The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME004: ForEx Swap Rate: National Foreign Exchange Association (NFEA).

Russia USD/RUB Swap Rate: NFEA: Yield: 3Y data was reported at 29.620 % pa in 30 Mar 2022. This stayed constant from the previous number of 29.620 % pa for 29 Mar 2022. Russia USD/RUB Swap Rate: NFEA: Yield: 3Y data is updated daily, averaging 6.967 % pa from Dec 2009 (Median) to 30 Mar 2022, with 3003 observations. The data reached an all-time high of 29.620 % pa in 30 Mar 2022 and a record low of 4.170 % pa in 15 Jul 2020. Russia USD/RUB Swap Rate: NFEA: Yield: 3Y data remains active status in CEIC and is reported by Self-regulatory organisation «National Finance Association». The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME004: ForEx Swap Rate: National Foreign Exchange Association (NFEA).

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Management of interest rate risk through basis swaps, exchanging floating interest rates in portfolios.
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Cross currency swap differs from single currency swaps in that the interest rate payments on the two legs are in different currencies. At inception of the trade, the notional principal amounts in the two currencies are usually set to be fair given the spot exchange rate. Contrary to single currency swap, there is an exchange of principals at inception and maturity, or even in each period of the swap.

Cross currency swaps are powerful instruments to transfer assets or liabilities from one currency to another. The market charges for this is a liquidity premium – the cross-currency basis spread. Thus, the market quoted cross-currency basis spreads usually relative to a liquidity benchmark.

For a cross currency trade between one currency and another currency. If there is a higher demand for the currency, the party lending the dollar will ask for a premium. This premium is referred to as the cross currency basis. In general, the cross currency basis is a measure of the dollar shortage in the market. The more negative the basis is, the more severe the shortage.

Cross currency basis is an important element of currency management. To price a cross-currency product, the cross-currency basis spread has to be taken into account by adjusting either discounting or forecasting curves. For domestic currency investor, negative basis can work in their favor when they hedge currency exposures. For foreign investors, however, the basis can increase their hedging cost.

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 *** billion U.S. dollars in 2022 down from a low of **** billion in 2016. The most common instrument traded also varied, with interest rate swaps growing dramatically in 2022.

FX Swaps Market Outlook

According to our latest research, the global FX Swaps market size reached USD 4.62 trillion in daily average turnover in 2024, with a projected CAGR of 6.1% from 2025 to 2033. This robust growth trajectory is expected to push the FX Swaps market to a forecasted daily turnover of USD 7.87 trillion by 2033. The expansion is primarily fueled by increasing cross-border trade, heightened volatility in currency markets, and the growing need for risk management tools among multinational corporations and financial institutions.

One of the primary growth drivers for the FX Swaps market is the surge in global trade and investment activities. As international trade continues to flourish, corporations and financial entities are increasingly exposed to foreign exchange risks. FX Swaps have become essential instruments for hedging against adverse currency movements, enabling market participants to lock in exchange rates and manage cash flows efficiently. The rise in global supply chains and the need for seamless international transactions have further amplified the demand for FX Swaps, positioning them as a cornerstone of modern treasury and risk management strategies.

Another significant factor propelling the FX Swaps market is the evolution of sophisticated trading technologies and platforms. The proliferation of electronic trading systems has revolutionized the FX market, allowing for greater transparency, speed, and efficiency in executing FX Swap transactions. Advanced analytics, algorithmic trading, and the integration of artificial intelligence have enhanced price discovery and risk assessment, attracting a broader spectrum of participants, including non-traditional players such as fintech firms and investment funds. This technological transformation has not only increased market liquidity but also reduced transaction costs, making FX Swaps more accessible and appealing to a wider audience.

Regulatory changes and the shifting landscape of monetary policies are also instrumental in shaping the growth of the FX Swaps market. Central banks and regulatory bodies across major economies have implemented measures to enhance transparency and reduce systemic risks in the derivatives market. These efforts, coupled with the ongoing liberalization of financial markets in emerging economies, have fostered a more conducive environment for FX Swap transactions. The increasing adoption of centralized clearing and reporting requirements has bolstered market confidence, encouraging greater participation from institutional investors and corporates seeking compliant and efficient hedging solutions.

From a regional perspective, Asia Pacific stands out as a pivotal growth engine for the FX Swaps market. The region's rapid economic expansion, burgeoning trade volumes, and proactive regulatory reforms have led to a significant uptick in FX Swap activities. Major financial hubs such as Hong Kong, Singapore, and Tokyo are witnessing heightened demand for both short-term and long-term FX Swaps, driven by the need to manage currency risks associated with dynamic capital flows. North America and Europe also remain prominent markets, underpinned by their mature financial infrastructures and the presence of leading global banks and investment funds. Meanwhile, Latin America and the Middle East & Africa are gradually emerging as promising markets, fueled by the globalization of trade and the increasing sophistication of local financial markets.

Basis Swaps are another critical component of the derivatives market, often used in conjunction with FX Swaps to manage interest rate and currency risks simultaneously. These instruments allow parties to exchange floating interest rate payments in one currency for floating interest rate payments in another currency, providing a mechanism to hedge against interest rate differentials across different countries. The growing complexity of global financial markets and the need for precise risk management solutions have elevated the importance of Basis Swaps. As multinational corporations and financial institutions seek to optimize their funding strategies, Basis Swaps offer a flexible tool to align interest rate exposures with their broader financial objectives, enhancing their ability to navigate volatile market conditions.

The average daily turnover of over the counter (OTC) derivatives traded in France increase between 2001 and 2010, before falling over the following decade. From a peak of over ***** billion U.S. dollars in 2010, by 2019 the average daily turnover had fallen to around ***** billion U.S. dollars. In all years under consideration the most common instrument traded was interest rate swaps, which accounted for around two thirds of turnover in 2022.

Russia USD/RUB Swap Rate: NFEA: Yield: 2W data was reported at 16.490 % pa in 30 Mar 2022. This stayed constant from the previous number of 16.490 % pa for 29 Mar 2022. Russia USD/RUB Swap Rate: NFEA: Yield: 2W data is updated daily, averaging 6.461 % pa from Dec 2009 (Median) to 30 Mar 2022, with 3004 observations. The data reached an all-time high of 30.690 % pa in 19 Dec 2014 and a record low of 2.064 % pa in 16 Jun 2010. Russia USD/RUB Swap Rate: NFEA: Yield: 2W data remains active status in CEIC and is reported by Self-regulatory organisation «National Finance Association». The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME004: ForEx Swap Rate: National Foreign Exchange Association (NFEA).

Between 2001 and 2022, the average daily turnover of over-the-counter (OTC) derivatives traded in Italy fluctuated considerably, peaking in 2004. The turnover of derivatives in 2004 amounted to a total value of about ** billion U.S. dollars, while the turnover of derivatives in 2019 only amounted to **** billion U.S. dollars, the market is experiencing upward growth as the total value climbs to roughly **** billion U.S. dollars in 2022. The most commonly traded interest rate instruments were interest rate swaps, which are forward contracts wherein future interest payment streams are exchanged based on a definite principal amount.

Russia USD/RUB Swap: Overnight: RUB Interest Rate data was reported at 10.500 % pa in 25 Feb 2022. This stayed constant from the previous number of 10.500 % pa for 24 Feb 2022. Russia USD/RUB Swap: Overnight: RUB Interest Rate data is updated daily, averaging 8.500 % pa from Sep 2002 (Median) to 25 Feb 2022, with 4597 observations. The data reached an all-time high of 18.000 % pa in 30 Jan 2015 and a record low of 5.250 % pa in 19 Mar 2021. Russia USD/RUB Swap: Overnight: RUB Interest Rate data remains active status in CEIC and is reported by Bank of Russia. The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME002: ForEx Swap Transactions: Bank of Russia: Terms.

Cross-Currency Swaps Market Outlook

According to our latest research, the global Cross-Currency Swaps market size stood at USD 5.8 billion in 2024, reflecting robust activity across financial institutions and corporations managing currency and interest rate risks. The market is set to expand at a CAGR of 7.2% from 2025 to 2033, reaching a projected value of USD 10.9 billion by 2033. This growth is primarily driven by the increasing globalization of trade, the rising complexity of cross-border financing, and the need for effective risk management instruments in volatile currency environments. As per our latest research, the marketÂ’s expansion is further supported by technological advancements in financial services and evolving regulatory frameworks that encourage transparency and efficiency in derivative trading.

One of the most significant growth factors for the cross-currency swaps market is the intensifying globalization of trade and investment flows. As businesses and governments engage in international transactions, they face exposure to multiple currencies and interest rate regimes. Cross-currency swaps have emerged as essential tools for managing these exposures, allowing entities to exchange principal and interest payments in different currencies while mitigating the risks associated with currency fluctuations and interest rate differentials. The increasing volume of cross-border mergers and acquisitions, as well as the expansion of multinational corporations, has amplified the demand for sophisticated hedging solutions, further propelling the uptake of cross-currency swaps. Additionally, the growing integration of emerging markets into the global financial system has introduced new participants and higher transaction volumes, contributing to overall market growth.

Another critical driver for the cross-currency swaps market is the evolving regulatory landscape, particularly in response to the global financial crises and the subsequent push for enhanced transparency and risk mitigation in derivative markets. Regulatory bodies such as the International Swaps and Derivatives Association (ISDA) and various central banks have introduced measures to standardize contracts, improve counterparty risk management, and promote central clearing of derivatives. These initiatives have increased confidence among market participants, reduced systemic risks, and facilitated greater participation from both buy-side and sell-side institutions. Furthermore, advancements in financial technology, such as electronic trading platforms and real-time risk analytics, have lowered operational barriers and transaction costs, making cross-currency swaps more accessible to a broader range of end-users.

The persistent volatility in global currency and interest rate markets is also a major catalyst for the growth of the cross-currency swaps market. Geopolitical tensions, divergent monetary policies, and economic uncertainties have led to frequent and sometimes sharp movements in foreign exchange rates. In such an environment, financial institutions, corporates, and governments increasingly rely on cross-currency swaps to stabilize cash flows, optimize funding costs, and exploit arbitrage opportunities. The ability to customize swap structures to suit specific risk profiles and business needs further enhances their attractiveness. As a result, the market has witnessed a surge in both standard and bespoke swap agreements, with participants seeking to balance risk and return in a dynamic global landscape.

Equity Swaps, although distinct from cross-currency swaps, share similarities in their role as financial derivatives used for risk management and speculative purposes. An equity swap involves the exchange of cash flows based on the performance of an equity index or a basket of stocks, allowing investors to gain exposure to equity markets without directly owning the underlying assets. This can be particularly advantageous for institutional investors seeking to diversify their portfolios or hedge against market volatility. The use of equity swaps has grown alongside the increasing sophistication of financial markets, providing participants with flexible tools to manage equity exposure, optimize asset allocation, and achieve specific investment objectives. As with cross-currency swaps, equity swaps are influenced by regulatory changes and technological advancements, which continue to shape their development and

The average daily turnover of foreign exchange (forex) transactions and derivatives traded in Australia climbed from 2001 to 2010, reaching a peak of *** billion U.S. dollars before dropping to around *** billion U.S. dollars in 2019. The most commonly traded was foreign exchange rate swaps, which are agreements to swap the principal and interest payments made on one currency for the principal and interest payments on a loan of equal value in another currency.

Basis Swaps Market Outlook

According to our latest research, the global basis swaps market size reached USD 1.41 trillion in 2024, demonstrating robust activity across financial institutions, corporates, and government entities. The market is projected to grow at a CAGR of 5.8% from 2025 to 2033, positioning it to achieve a value of USD 2.36 trillion by 2033. This expansion is primarily attributed to increasing demand for risk management solutions, heightened cross-border financial activities, and the evolution of sophisticated financial instruments. As per our latest findings, the marketÂ’s upward trajectory is supported by the ongoing globalization of capital markets, regulatory reforms, and heightened volatility in global interest rates and currency markets.

Several key factors are fueling the growth of the basis swaps market. One of the most significant drivers is the increasing complexity and globalization of financial markets. As multinational corporations and financial institutions expand their operations across borders, the need to manage risks associated with fluctuating interest rates and currency mismatches becomes paramount. Basis swaps, particularly cross-currency and interest rate basis swaps, provide an effective mechanism for hedging these risks, allowing market participants to align their exposures more closely with their underlying liabilities and assets. Additionally, the recent surge in international trade and capital flows has led to greater demand for sophisticated swap instruments, enabling organizations to optimize their funding strategies and reduce costs associated with currency and interest rate volatility.

Another major growth catalyst lies in regulatory developments and the transition from interbank offered rates (IBORs) to alternative reference rates (ARRs). The global shift away from LIBOR and similar benchmarks has necessitated a reevaluation of existing swap contracts and the creation of new basis swap agreements tailored to the emerging landscape of risk-free rates. This transition has led to increased activity in the basis swaps market as institutions seek to realign their portfolios and ensure compliance with evolving regulatory standards. Furthermore, regulatory frameworks such as Basel III and EMIR have placed a greater emphasis on risk management and transparency, compelling financial institutions to utilize basis swaps as part of their broader risk mitigation and capital optimization strategies.

Technological advancements and the growing adoption of electronic trading platforms have also played a pivotal role in shaping the basis swaps market. The proliferation of digital trading solutions has enhanced market efficiency, reduced transaction costs, and improved access to real-time pricing information. This has enabled a broader range of market participants, including smaller financial institutions and corporates, to engage in basis swap transactions. Moreover, innovations in data analytics and risk modeling have allowed for more precise pricing and risk assessment, further supporting market growth. As financial markets continue to digitize and integrate advanced technologies, the accessibility and attractiveness of basis swaps as a risk management tool are expected to increase significantly.

Interest Rate Swaps have become an integral part of the financial landscape, offering a versatile tool for managing interest rate exposure. These swaps allow counterparties to exchange fixed interest rate payments for floating rate payments, or vice versa, depending on their specific risk management needs. As financial markets have evolved, the use of Interest Rate Swaps has expanded beyond traditional banking institutions to include a wide range of market participants, such as corporations and government entities. This expansion is driven by the need to hedge against interest rate fluctuations, optimize funding costs, and align financial strategies with market conditions. The growing complexity of global financial markets and the transition to alternative reference rates have further underscored the importance of Interest Rate Swaps in achieving effective risk management and financial stability.

From a regional perspective, North America and Europe currently dominate the basis swaps market, accounting for the majority of global transaction volume. However, the Asia Pacific region is emerging as

The average daily turnover of foreign exchange (forex) transactions and derivatives traded in France grew steadily greatly between 2001 and 2013, before gradually declining in the following years. From a peak of ***** billion U.S. dollars in 2013, by 2019 this had fallen to ***** billion U.S. dollars. The most commonly traded was foreign exchange rate swaps, which are agreements to swap the principal and interest payments made on one currency for the principal and interest payments on a loan of equal value in another currency. In 2022, swaps accounted for around ** percent of the total daily forex turnover in France.

Russia USD/RUB Swap Rate: NFEA: Yield: 6M data was reported at 18.670 % pa in 30 Mar 2022. This stayed constant from the previous number of 18.670 % pa for 29 Mar 2022. Russia USD/RUB Swap Rate: NFEA: Yield: 6M data is updated daily, averaging 6.600 % pa from Dec 2009 (Median) to 30 Mar 2022, with 3003 observations. The data reached an all-time high of 26.380 % pa in 18 Dec 2014 and a record low of 3.205 % pa in 16 Jun 2010. Russia USD/RUB Swap Rate: NFEA: Yield: 6M data remains active status in CEIC and is reported by Self-regulatory organisation «National Finance Association». The data is categorized under High Frequency Database’s Swap Rates – Table RU.ME004: ForEx Swap Rate: National Foreign Exchange Association (NFEA).

Swap Futures Market Outlook

According to our latest research, the global swap futures market size in 2024 is valued at USD 3.9 billion, reflecting a robust and expanding landscape driven by evolving financial risk management needs and increasing demand for transparent, standardized derivatives instruments. With a remarkable CAGR of 14.2% projected for the period 2025–2033, the market is forecasted to reach an impressive USD 12.1 billion by 2033. This growth is primarily fueled by the increasing adoption of swap futures for hedging interest rate, credit, and currency risks, as well as the growing sophistication of trading strategies among institutional investors worldwide.

A key growth factor propelling the swap futures market is the heightened regulatory scrutiny and evolving compliance requirements in global financial markets. Regulatory reforms such as the Dodd-Frank Act in the United States and the European Market Infrastructure Regulation (EMIR) in Europe have mandated greater transparency, central clearing, and standardized trading of derivatives contracts. Swap futures, as exchange-traded derivatives, offer significant advantages over traditional over-the-counter (OTC) swaps, including reduced counterparty risk, improved price discovery, and lower capital requirements. These regulatory drivers are compelling financial institutions and corporate treasuries to increasingly favor swap futures for risk management and speculative purposes, thereby accelerating market growth.

Another significant driver is the continuous innovation in trading technologies and the proliferation of electronic trading platforms. The migration from voice-based OTC trading to highly automated, electronic exchange-traded platforms has substantially enhanced the liquidity, accessibility, and efficiency of swap futures markets. Advanced algorithmic trading, real-time risk analytics, and seamless integration with clearinghouses have made swap futures more attractive to a broader spectrum of market participants, including asset managers, hedge funds, and proprietary trading firms. The resulting surge in trading volumes and open interest further reinforces the virtuous cycle of liquidity and market depth, underpinning sustained expansion in the swap futures market.

Furthermore, the shift in global interest rate environments and currency volatility has amplified the need for robust hedging solutions among corporates and institutional investors. As central banks adjust monetary policies in response to inflationary pressures and macroeconomic uncertainties, the demand for interest rate, credit, and currency swap futures as risk mitigation tools has intensified. These instruments enable market participants to efficiently manage exposures, lock in funding costs, and exploit arbitrage opportunities across diverse asset classes. The growing interconnectedness of global financial markets and the increasing complexity of risk profiles are expected to continue driving the adoption of swap futures over the coming decade.

In the realm of financial derivatives, Total Return Equity Swaps have emerged as a pivotal tool for investors seeking to gain exposure to equity returns without directly owning the underlying assets. These swaps allow parties to exchange the total return of an equity asset, including dividends and capital gains, for a predetermined interest rate or another financial instrument's return. This mechanism provides flexibility and efficiency in managing equity exposure, particularly in volatile markets. The increasing use of Total Return Equity Swaps reflects a broader trend towards sophisticated risk management strategies, enabling investors to optimize their portfolios while mitigating potential risks associated with direct equity investments.

From a regional perspective, North America currently dominates the swap futures market, accounting for the largest share in 2024, followed by Europe and Asia Pacific. The United States, in particular, has established itself as a global hub for swap futures trading, supported by advanced market infrastructure, deep liquidity pools, and a mature regulatory environment. Europe is witnessing steady growth, propelled by regulatory harmonization and increased participation from institutional investors. Meanwhile, Asia Pacific is emerging as a high-growth region, f

Content

The FOMC has authorized temporary reciprocal currency arrangements (central bank liquidity swaps) with certain foreign central banks to help provide liquidity in U.S. dollars to overseas markets.

These swaps involve two transactions. First, when the foreign central bank draws on the swap line, it sells a specified amount of its currency to the Federal Reserve in exchange for dollars at the prevailing market exchange rate. The foreign currency that the Federal Reserve acquires is placed in an account for the Federal Reserve at the foreign central bank. This line in the statistical release reports the dollar value of the foreign currency held under these swaps.

Second, the dollars that the Federal Reserve provides are deposited in an account for the foreign central bank at the Federal Reserve Bank of New York. At the same time as the draw on the swap line, the Federal Reserve and the foreign central bank enter into a binding agreement for a second transaction in which the foreign central bank is obligated to repurchase the foreign currency at a specified future date at the same exchange rate. At the conclusion of the second transaction, the foreign central bank pays a market-based rate of interest to the Federal Reserve. Central bank liquidity swaps are of various maturities, ranging from overnight to three months.

Context

This is a dataset from the Federal Reserve hosted by the Federal Reserve Economic Database (FRED). FRED has a data platform found here and they update their information according to the frequency that the data updates. Explore the Federal Reserve using Kaggle and all of the data sources available through the Federal Reserve organization page!

• Update Frequency: This dataset is updated daily.

• Observation Start: 2002-12-18

• Observation End : 2019-12-18

Acknowledgements

This dataset is maintained using FRED's API and Kaggle's API.

Cover photo by Hillie Chan on Unsplash
Unsplash Images are distributed under a unique Unsplash License.

The average daily turnover of foreign exchange (forex) transactions and derivatives traded in the Netherlands has fluctuated greatly between 2001 and 2019. From a peak of ***** billion U.S. dollars in 2013, by 2019 this had fallen to **** billion U.S. dollars. The most commonly traded was foreign exchange rate swaps, which are agreements to swap the principal and interest payments made on one currency for the principal and interest payments on a loan of equal value in another currency. In 2019, swaps accounted for around ** percent of the total daily forex turnover in the Netherlands.

Class Definitions

Label Description Typical triggers

ir Interest rate swaps, caps, floors, swaptions, futures on LIBOR/SOFR/SOFR, etc. “floating rate”, “LIBOR”, “interest rate swap”

fx Currency forwards, FX swaps, currency options, cross-currency interest rate swaps “foreign currency”, “euro”, “peso”, “exchange rate”

cp Commodity hedges (oil, jet fuel, metals, agriculture, power, freight) “jet fuel”, “natural gas”, “copper”, “commodity”

eq Equity forwards, total… See the full description on the dataset page: https://huggingface.co/datasets/DerivedFunction/derivative-category-dataset.