Jacob Gyntelberg and Christian Upper, Bank For International Settlements, The OTC interest rate derivatives market in 2013, here.
After growing rapidly prior to the financial crisis, activity in the market for over-the-counter (OTC) interest rate derivatives, such as swaps and forward rate agreements (FRAs), has since expanded at a more moderate pace. Even so, daily turnover averaged $2.3 trillion in April 2013, 14% higher than three years before (Graph 1, left-hand panel).
Activity in this market remains opaque. Admittedly, transparency has improved from the mid-1990s, when central banks expanded their regular survey of activity in foreign exchange markets to also cover turnover and amounts outstanding in OTC interest rate derivatives. And data warehouses and clearing houses provide some data on the transactions they process. Even so, the Triennial Survey remains to date the most comprehensive source of information.