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.

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.

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.

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.

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Russia USD/RUB Swap Rate: NFEA: Yield: 1Y data was reported at 17.820 % pa in 30 Mar 2022. This stayed constant from the previous number of 17.820 % pa for 29 Mar 2022. Russia USD/RUB Swap Rate: NFEA: Yield: 1Y data is updated daily, averaging 6.679 % pa from Dec 2009 (Median) to 30 Mar 2022, with 3003 observations. The data reached an all-time high of 23.740 % pa in 01 Mar 2022 and a record low of 3.860 % pa in 10 Nov 2020. Russia USD/RUB Swap Rate: NFEA: Yield: 1Y 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).

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.

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.

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.

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).

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.

The historical data in this table are sourced from Becker C and M Sinclair (2004), :Profitability of Reserve Bank Foreign Exchange Operations: Twenty Years After the Float-C/, RB Research Discussion Paper No 2004-06. Updates to the data are published annually with a one-year lag.

It is not appropriate to use the :Market-C/ series as a proxy for foreign exchange market intervention. The RB engages in spot or forward transactions with dealers in the market virtually every day. Most of these transactions are not intended to influence the exchange rate. Rather, they occur to cover orders for foreign exchange from clients such as the Australian Government. When the RB sells foreign exchange to a client, it has the choice of meeting this out of its holdings of foreign exchange or buying the equivalent amount of foreign exchange in the market. Most of the time it does the latter, though even then the timing of the sale and purchase may not coincide precisely. The RB can also engage in foreign exchange transactions with counterparties other than dealers as a means of covering client orders.

Daily net foreign exchange transactions, net sales (-) and purchases (+), are reported according to the date on which the trade took place. This is in contrast to the monthly transactions data in Table A.4, which are reported according to the day on which settlement took place. Another difference to Table A.4 is that interest received on holdings of foreign assets is not included.

aMarketa transactions are foreign exchange transactions against the Australian dollar (excluding foreign exchange swaps) undertaken by the RB with authorised foreign exchange dealers in Australia or banks overseas.

aGovernment and other counterpartiesa transactions include the RBAas foreign exchange transactions with the Australian Government, outright transactions with other central banks and international financial institutions that are not intended to affect the exchange rate, and transactions with clients other than the Australian Government.

The statistic depicts the average interest rate on savings of non-foreign exchange commercial banks in Indonesia from 2013 to 2018. In 2018, the average interest rate on a saving account amounted to **** percent.

This dataset offers a comprehensive view of daily currency exchange rates, from 2008 to 2023. Currency rates can be affected by various factors, including interest rates, inflation, political instability, economic performance, and global market developments. Understanding these rates over time can provide valuable insights into economic trends, market behaviors, and the impacts of global events on currency values.

The currency pairs included in this dataset are: USD to INR (INR=X) USD to JPY (JPY=X) USD to EUR (EUR=X) USD to GBP (GBP=X) USD to AUD (AUD=X) USD to CAD (CAD=X) USD to CHF (CHF=X) USD to CNY (CNY=X) USD to HKD (HKD=X) USD to SGD (SGD=X)

Each row in the dataset represents a single day and includes the following columns:

Ticker: The currency pair being represented. Date: The date in YYYY-MM-DD format. Open: The opening exchange rate of the day. High: The highest exchange rate of the day. Low: The lowest exchange rate of the day. Close: The closing exchange rate of the day. Adj Close: The adjusted closing exchange rate of the day. Volume: The volume of the currency traded on that day.

Usage: This dataset could be useful for a variety of purposes, including but not limited to:

Economic research: Analyze currency trends over time to understand economic behaviors. Financial modeling: Use historical data to forecast future currency rates. Machine learning: Develop predictive models for currency exchange rates. Teaching: An excellent resource for educators in finance and economics.

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

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).

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.

Cross Currency Excel Pricing Workbook and Bloomberg SWPM Snapshot Document

Cross-Currency Swaps Market Outlook

According to our latest research, the global cross-currency swaps market size reached USD 6.2 trillion in 2024, reflecting robust engagement from multinational corporations and financial institutions. The market is experiencing a steady expansion, registering a CAGR of 5.8% during the forecast period. By 2033, the market is projected to attain a value of USD 10.4 trillion, driven by increased globalization, growing international trade, and the ever-evolving landscape of currency risk management. This growth trajectory is underpinned by a surge in demand for sophisticated hedging instruments, regulatory changes, and the rising volatility of foreign exchange markets.

A primary growth factor for the cross-currency swaps market is the increasing complexity of global trade and finance. As businesses expand across borders, they are exposed to multiple currencies, resulting in heightened foreign exchange risk. Cross-currency swaps have emerged as a preferred solution for managing these exposures, allowing firms to lock in exchange rates and interest payments over defined periods. The surge in international capital flows, coupled with the need for efficient risk mitigation strategies, is compelling both corporates and financial institutions to adopt cross-currency swaps as a core treasury tool. Furthermore, the integration of emerging markets into global supply chains is amplifying the necessity for such instruments, as companies seek to stabilize cash flows and protect profit margins amidst currency fluctuations.

Technological advancements and innovation in financial products are also catalyzing the growth of the cross-currency swaps market. The proliferation of electronic trading platforms, blockchain-based settlement systems, and real-time analytics has streamlined the execution and management of swap agreements. These innovations not only enhance operational efficiency but also reduce transaction costs and settlement risks. Market participants are increasingly leveraging these technologies to customize swap agreements, improve transparency, and comply with evolving regulatory requirements. The adoption of automation and artificial intelligence in risk assessment and pricing models is further empowering market participants to make informed decisions, thereby boosting market activity and driving growth.

Regulatory developments are playing a significant role in shaping the cross-currency swaps market. In the aftermath of the global financial crisis, regulatory bodies such as the Basel Committee and the International Swaps and Derivatives Association (ISDA) have implemented stringent guidelines to ensure transparency, reduce counterparty risk, and promote financial stability. These regulations have prompted market participants to adopt standardized documentation, central clearing, and robust collateral management practices. While compliance costs have increased, these measures have enhanced market integrity and fostered greater confidence among participants. As regulatory frameworks continue to evolve, particularly in emerging markets, they are expected to further stimulate the adoption of cross-currency swaps for both hedging and speculative purposes.

From a regional perspective, North America and Europe remain the dominant players in the cross-currency swaps market, accounting for the majority of global transaction volumes. However, the Asia Pacific region is rapidly emerging as a key growth engine, fueled by the expansion of regional trade blocs, the liberalization of currency markets, and the increasing participation of local corporates and financial institutions. The Middle East & Africa and Latin America are also witnessing gradual uptake, driven by infrastructure investments and the growing sophistication of their financial sectors. As these regions continue to integrate with the global financial system, they are expected to contribute significantly to the overall market expansion.

Type Analysis

The cross-currency swaps market can be segmented by type into fixed-for-fixed, fixed-for-floating, and floating-for-floating agreements. Fixed-for-fixed swaps involve the exchange of fixed interest payments in different currencies, offering predictability and stability to both parties. This type is particularly favored by corporates and governments seeking to lock in costs and minimize exposure to interest rate fluctuations. The fixed-for-fixed segment has traditionally comman