Graph and download economic data for ICE Swap Rates, 11:00 A.M. (London Time), Based on Euros, 12 Year Tenor (ICERATES1100EUR12Y) from 2014-08-01 to 2021-12-30 about swaps, London, Euro Area, Europe, interest rate, interest, and rate.

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The benchmark interest rate In the Euro Area was last recorded at 2.15 percent. This dataset provides - Euro Area Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for ICE Swap Rates, 12:00 P.M. (London Time), Based on Euros, 9 Year Tenor (ICERATES1200EUR9Y) from 2014-08-01 to 2021-12-27 about 9-year, swaps, London, Euro Area, Europe, interest rate, interest, and rate.

Russia EUR/RUB Swap: Overnight: EUR Interest Rate data was reported at -0.576 % pa in 25 Feb 2022. This records a decrease from the previous number of -0.575 % pa for 24 Feb 2022. Russia EUR/RUB Swap: Overnight: EUR Interest Rate data is updated daily, averaging 0.000 % pa from Oct 2005 (Median) to 25 Feb 2022, with 3978 observations. The data reached an all-time high of 4.250 % pa in 08 Oct 2008 and a record low of -0.596 % pa in 01 Oct 2021. Russia EUR/RUB Swap: Overnight: EUR 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.

Graph and download economic data for ICE Swap Rates, 11:00 A.M. (London Time), Based on Euros, 7 Year Tenor (ICERATES1100EUR7Y) from 2014-08-01 to 2021-12-30 about 7-year, swaps, London, Euro Area, Europe, interest rate, interest, and rate.

Interest Rate Swaps Market Outlook

According to our latest research, the global interest rate swaps market size reached USD 3.18 trillion in 2024, demonstrating a robust presence in the global derivatives landscape. The market is projected to expand at a CAGR of 6.1% from 2025 to 2033, with the total market value forecasted to reach USD 5.41 trillion by 2033. This steady growth is primarily driven by the increasing volatility in interest rates, the rising need for risk management solutions among financial institutions and corporates, and the ongoing development of sophisticated financial products. As per our latest research, the demand for interest rate swaps continues to surge, underpinned by macroeconomic shifts and evolving regulatory frameworks.

The growth of the interest rate swaps market is significantly influenced by the heightened volatility in global interest rates. Central banks across various regions have adopted divergent monetary policies in response to inflationary pressures, economic recovery post-pandemic, and geopolitical uncertainties. These policy shifts have resulted in unpredictable interest rate movements, prompting financial institutions, corporates, and governments to seek effective hedging mechanisms. Interest rate swaps, by enabling parties to exchange fixed and floating rate obligations, offer a flexible solution to manage interest rate exposure. The proliferation of advanced analytics and risk management tools has further empowered market participants to optimize their swap strategies, thereby fueling market expansion.

Another key growth factor for the interest rate swaps market is the increasing sophistication and participation of non-bank entities. Corporates are now more proactive in managing their debt portfolios, leveraging swaps to lock in favorable rates, reduce borrowing costs, and enhance financial predictability. The emergence of fintech platforms and electronic trading venues has made it easier for smaller institutions and corporates to access swap markets, democratizing participation and boosting overall transaction volumes. Additionally, the integration of artificial intelligence and machine learning in pricing and risk assessment is enhancing transparency and efficiency, further attracting new entrants and driving market growth.

Regulatory developments also play a pivotal role in shaping the trajectory of the interest rate swaps market. Post-2008 reforms, such as the Dodd-Frank Act in the United States and EMIR in Europe, have increased the transparency and security of swap transactions by mandating central clearing for standardized contracts and enhancing reporting requirements. These regulations have not only mitigated counterparty risk but also encouraged greater adoption of interest rate swaps among institutional investors. Furthermore, the transition from LIBOR to alternative reference rates has led to a surge in swap activity as market participants restructure existing contracts and adapt to new benchmarks, thereby sustaining market momentum.

From a regional perspective, North America and Europe continue to dominate the interest rate swaps market due to the maturity of their financial systems, high levels of institutional participation, and advanced regulatory environments. However, the Asia Pacific region is emerging as a significant growth engine, driven by rapid financial market liberalization, rising cross-border investments, and the increasing sophistication of local financial institutions. Latin America and the Middle East & Africa, while currently representing smaller shares, are expected to witness accelerated growth as financial infrastructure improves and market awareness increases. Overall, the global interest rate swaps landscape is poised for sustained expansion, supported by a confluence of macroeconomic, technological, and regulatory factors.

The role of Credit Default Swap Index in the financial markets has been increasingly significant, particularly as investors and institutions seek to manage credit risk more effectively. These indices aggregate the credit default swaps of various entities, providing a benchmark for credit risk assessment and trading. By offering a standardized measure of credit risk, Credit Default Swap Indices facilitate greater market transparency and liquidity, allowing participants to hedge or speculate on the credi

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 EUR/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 EUR/RUB Swap: Overnight: RUB Interest Rate data is updated daily, averaging 8.500 % pa from Oct 2005 (Median) to 25 Feb 2022, with 3978 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 EUR/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 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.

Interest Rate Swaps Market Outlook

According to our latest research, the global interest rate swaps market size reached USD 12.4 trillion in 2024, with a robust compound annual growth rate (CAGR) of 6.8% projected through the forecast period. By 2033, the market is forecasted to attain a value of USD 24.1 trillion. This remarkable growth is primarily driven by increased volatility in global interest rates, a heightened need for risk management tools among financial institutions, and the rising complexity of corporate financial strategies.

A significant growth factor for the interest rate swaps market is the ongoing volatility in global interest rates, which has prompted both financial institutions and corporations to seek sophisticated hedging instruments. Central banks around the world have adopted divergent monetary policies in response to inflationary pressures and economic uncertainties, which has led to increased fluctuations in benchmark rates. As a result, organizations are turning to interest rate swaps to manage their exposure, lock in borrowing costs, and stabilize cash flows. The growing demand for risk mitigation tools is further amplified by the unpredictable macroeconomic environment, making interest rate swaps an essential component of modern financial risk management.

Another pivotal driver is the evolution of regulatory frameworks and financial market infrastructure, which has enhanced transparency and accessibility in the interest rate swaps market. The implementation of regulations such as the Dodd-Frank Act in the United States and EMIR in Europe has encouraged the migration of swaps trading to centralized clearinghouses and electronic trading platforms. This shift has not only reduced counterparty risk but also improved price discovery and operational efficiency. The increasing adoption of technology-driven trading systems, alongside the digitization of financial services, is making interest rate swaps more accessible to a broader array of market participants, including mid-sized corporates and institutional investors.

Furthermore, the expansion of the interest rate swaps market is supported by the globalization of financial markets and the diversification of end-users. Multinational corporations, government entities, and even non-banking financial institutions are leveraging swaps to optimize their capital structures and manage cross-border exposures. The proliferation of new swap products, such as basis swaps and forward swaps, has enabled market participants to implement more complex and tailored risk management strategies. As financial markets become increasingly interconnected, the demand for flexible and customizable interest rate derivatives is expected to continue its upward trajectory.

Regionally, North America and Europe remain dominant due to their mature financial markets and robust regulatory frameworks. However, the Asia Pacific region is emerging as a significant growth engine, propelled by rapid financial sector development, increased cross-border capital flows, and the liberalization of interest rate regimes in key economies like China and India. Latin America and the Middle East & Africa are also witnessing steady growth, albeit from a smaller base, as financial markets in these regions continue to evolve and integrate with global capital markets.

Type Analysis

The interest rate swaps market can be segmented by type into Over-the-Counter (OTC) and Exchange-Traded swaps. OTC swaps have historically dominated the market, accounting for the majority of global notional outstanding due to their flexibility and customization options. Financial institutions and large corporates prefer OTC swaps as they allow for bespoke contract terms tailored to specific hedging requirements. The depth and liquidity of the OTC market have enabled participants to execute large and complex transactions efficiently, making it an indispensable segment for risk management and speculative strategies.

However, the landscape is gradually shifting with the rise of exchange-traded interest rate swaps. Regulatory reforms, particularly in the aftermath of the global financial crisis, have encouraged the migration of standardized swap contracts to regulated exchanges and central clearinghouses. Exchange-traded swaps offer enhanced transparency, reduced counterparty risk, and improved operational efficiency, which are particularly attr

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Foreign Exchange Market Size 2025-2029

The foreign exchange market size is valued to increase by USD 582 billion, at a CAGR of 10.6% from 2024 to 2029. Growing urbanization and digitalization will drive the foreign exchange market.

Major Market Trends & Insights

Europe dominated the market and accounted for a 47% growth during the forecast period.
By Type - Reporting dealers segment was valued at USD 278.60 billion in 2023
By Trade Finance Instruments - Currency swaps segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 118.14 billion
Market Future Opportunities: USD 582.00 billion
CAGR from 2024 to 2029 : 10.6%

Market Summary

The market, a dynamic and intricate web of financial transactions, plays a pivotal role in facilitating global trade and economic interactions. Its primary function is to enable the conversion of one currency into another, thereby mitigating the risk of currency fluctuations for businesses and investors. Key drivers of this market include growing urbanization and digitalization, which have expanded trading opportunities to a 24x7 global economy. However, the uncertainty of future exchange rates poses a significant challenge, necessitating effective risk management strategies. The market's evolution reflects the increasing interconnectedness of the global economy. Transactions occur in a decentralized, over-the-counter system, with major trading centers in London, New York, and Tokyo.
Participants include commercial banks, investment banks, hedge funds, and individual investors, all seeking to capitalize on price differences between currencies. Trends shaping the market include the increasing use of automation and artificial intelligence to analyze market data and execute trades. Regulatory changes, such as the introduction of stricter capital requirements, also impact the market's functioning. Looking ahead, the market is expected to remain a vital component of the global financial landscape, with continued growth driven by increased trade and economic interdependence. However, challenges, such as regulatory changes and geopolitical risks, will necessitate adaptability and innovation from market participants.

What will be the Size of the Foreign Exchange Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Foreign Exchange Market Segmented ?

The foreign exchange industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Reporting dealers
  Financial institutions
  Non-financial customers


Trade Finance Instruments

  Currency swaps
  Outright forward and FX swaps
  FX options


Trading Platforms

  Electronic Trading
  Over-the-Counter (OTC)
  Mobile Trading


Geography

  North America

    US
    Canada


  Europe

    Germany
    Switzerland
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The reporting dealers segment is estimated to witness significant growth during the forecast period.

The market, a dynamic and ever-evolving financial landscape, is characterized by constant activity and intricate patterns. Participants engage in various trading strategies, employing advanced tools such as stop-loss and take-profit orders on forex trading platforms. Real-time data feeds and order book dynamics facilitate trade execution speed, while market microstructure and slippage minimization techniques ensure efficient transactions. Currency correlation analysis and transaction cost analysis are integral to informed decision-making, with backtesting methodologies providing valuable insights. Currency forwards contracts, position sizing techniques, and forex derivatives pricing are essential components of risk management systems. Carry trade strategies, hedging strategies, and interest rate parity are popular tactics employed by market participants.

Algorithmic trading strategies, driven by options pricing models and trading algorithms' efficiency, significantly influence price discovery mechanisms. High-frequency trading and volatility modeling contribute to the market's liquidity risk management, while foreign exchange swaps and currency option valuation help manage risk. The market's complexities necessitate sophisticated risk management systems and intricate order routing optimization. Global payments systems facilitate the smooth transfer of funds, and liquidity risk management remains a critical concern for market participants. According to recent studies, The market is estimated to account for approximately USD6 trillion in daily trading volume, und

Dividend Swaps Market Outlook

According to our latest research, the global Dividend Swaps market size reached USD 8.4 billion in 2024, driven by the increasing sophistication of institutional trading strategies and the growing demand for hedging tools in volatile equity markets. The market is forecasted to expand at a robust CAGR of 12.1% from 2025 to 2033, with the total market size projected to reach USD 23.1 billion by 2033. This remarkable growth trajectory is primarily attributed to heightened interest from hedge funds, asset managers, and banks seeking to optimize dividend exposure and manage risk more efficiently in the face of dynamic market conditions.

One of the primary growth factors for the dividend swaps market is the increasing utilization of these instruments for hedging and speculative purposes. Institutional investors and asset managers are leveraging dividend swaps to isolate and manage dividend risk, separate from the underlying equity price movements. This flexibility is especially valuable in periods of heightened volatility or regulatory changes affecting dividend policies. As companies adjust their payout strategies in response to macroeconomic shifts, the ability to trade pure dividend risk becomes a critical tool for sophisticated market participants. Furthermore, the ongoing evolution of risk management frameworks in the financial sector has fueled the adoption of more nuanced derivatives like dividend swaps, driving demand across global trading desks.

Another significant driver is the expansion of exchange-traded platforms and the increasing standardization of dividend swap contracts. Historically, dividend swaps were predominantly traded over-the-counter (OTC), which limited transparency and accessibility. However, the migration towards exchange-traded solutions has improved liquidity, reduced counterparty risk, and attracted a broader range of participants, including smaller institutional investors and even some high-net-worth individuals. This shift is further supported by regulatory reforms aimed at increasing transparency in derivatives markets, such as the European Market Infrastructure Regulation (EMIR) and Dodd-Frank in the United States. As a result, the dividend swaps market is witnessing enhanced price discovery and a reduction in operational complexities, making it a more attractive avenue for capital allocation.

The market is also benefiting from the diversification of product offerings, with the introduction of custom and index-based dividend swaps alongside traditional single-stock contracts. This product innovation allows market participants to tailor their exposure according to specific investment objectives, whether it be targeting a particular sector, geographic region, or a basket of equities. The growing sophistication of quantitative trading strategies has further catalyzed demand for customized dividend swap structures, enabling investors to express complex views on dividend dynamics and corporate actions. This trend is expected to accelerate as technology platforms and analytics tools continue to evolve, lowering barriers to entry and facilitating more granular risk management.

Overnight Index Swaps (OIS) have emerged as a crucial tool in the derivatives market, providing a mechanism for managing interest rate exposure over short periods. Unlike traditional interest rate swaps, OIS are based on overnight rates, such as the Federal Funds Rate or the Euro Overnight Index Average (EONIA), making them particularly sensitive to central bank policy changes. This sensitivity allows market participants to hedge against short-term interest rate fluctuations with greater precision. The growing use of OIS reflects a broader trend towards more sophisticated risk management strategies, as investors seek to navigate the complexities of global financial markets. As the dividend swaps market continues to evolve, the integration of OIS into broader trading strategies is likely to enhance liquidity and risk management capabilities, supporting the overall growth and resilience of the derivatives landscape.

From a regional perspective, Europe remains the dominant market for dividend swaps, accounting for the largest share of trading volumes due to the maturity of its equity derivatives infrastructure and a robust institutional investor base. However, North America and the Asia Pacific region

The benchmark interest rate in Romania was last recorded at 6.50 percent. This dataset provides the latest reported value for - Romania Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

View market daily updates and historical trends for 5-Year, 5-Year Forward Inflation Expectation Rate. from United States. Source: Federal Reserve Bank of…

Snapshot img

Fixed Income Assets Management Market Size 2025-2029

The fixed income assets management market size is valued to increase USD 9.16 tr, at a CAGR of 6.3% from 2024 to 2029. Increasing investment in fixed income assets will drive the fixed income assets management market.

Major Market Trends & Insights

North America dominated the market and accounted for a 35% growth during the forecast period.
By Type - Core segment was valued at USD 13.18 tr in 2023
By End-user - Enterprises segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 55.33 tr
Market Future Opportunities: USD 9156.40 tr
CAGR : 6.3%
North America: Largest market in 2023

Market Summary

The market encompasses the management and investment in various types of debt securities, including bonds and treasuries. Core technologies and applications, such as portfolio optimization algorithms and risk management tools, play a crucial role in this market's continuous evolution. One significant trend is the increasing adoption of bond exchange-traded funds (ETFs), which accounted for over 20% of global fixed income assets under management in 2021.
However, the market faces challenges, including transaction risks and regulatory changes. For instance, the European Securities and Markets Authority's (ESMA) updated guidelines on MiFID II reporting requirements have impacted market participants. Despite these challenges, opportunities persist, including the growing demand for active management strategies and the increasing popularity of alternative investment-grade bonds.

What will be the Size of the Fixed Income Assets Management Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Fixed Income Assets Management Market Segmented and what are the key trends of market segmentation?

The fixed income assets management industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD tr' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Core
  Alternative


End-user

  Enterprises
  Individuals


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The core segment is estimated to witness significant growth during the forecast period.

Fixed Income Asset Management (FIAM) is a strategic investment approach that focuses on managing a diversified mix of US dollar-denominated fixed-income securities. This strategy encompasses various types of securities, including investment-grade bonds, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), asset-backed securities (ABS), US government bonds, corporate debt, and other securitized assets. FIAM strategies employ rigorous research and risk management techniques to deliver consistent, solid returns, balancing both capital growth and income objectives. Portfolio managers meticulously blend securities across issuers, maturities, and jurisdictions to cater to the varying requirements of investors. Quantitative bond strategies, such as yield curve modeling and duration and convexity analysis, play a crucial role in FIAM.

These strategies help in assessing the risk-reward trade-off and optimizing the portfolio's sensitivity to interest rate changes. Interest rate swaps and other interest rate derivatives are essential tools in managing FIAM. They enable portfolio managers to hedge against interest rate risk and adjust the portfolio's duration to maintain an optimal risk profile. Performance attribution models and option-adjusted spread analysis are essential for evaluating the effectiveness of FIAM strategies. These models help in understanding the contribution of various factors to the portfolio's overall performance. Liquidity risk management is another critical aspect of FIAM. Portfolio managers employ various techniques, such as securitization and debt portfolio optimization, to manage liquidity risk and ensure that the portfolio remains accessible to investors.

Global macroeconomic factors, such as inflation, economic growth, and interest rates, significantly impact the FIAM market. Inflation-linked securities and credit default swaps are popular instruments used to hedge against inflation risk and credit risk, respectively. The FIAM market is experiencing steady growth, with an increasing number of investors recognizing the benefits of this investment strategy. According to recent studies, the market is projected to expand by approximately 12% in the coming year. Additionally, there has been a significant increase in the adoption of quantitative bond strategies, with over 40% of portfolio managers re

The yield on Germany 10Y Bond Yield rose to 2.63% on October 24, 2025, marking a 0.05 percentage points increase from the previous session. Over the past month, the yield has fallen by 0.14 points, though it remains 0.34 points higher than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. Germany 10-Year Bond Yield - values, historical data, forecasts and news - updated on October of 2025.

The yield on Spain 10Y Bond Yield rose to 3.16% on October 24, 2025, marking a 0.04 percentage points increase from the previous session. Over the past month, the yield has fallen by 0.18 points, though it remains 0.16 points higher than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. Spain 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on October of 2025.

The yield on Netherlands 10Y Bond Yield rose to 2.80% on October 27, 2025, marking a 0.02 percentage points increase from the previous session. Over the past month, the yield has fallen by 0.06 points, though it remains 0.25 points higher than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. Netherlands 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on October of 2025.