The 2025 full‑year swaption market reached a record $24.1 trillion in notional volume, a 35 % increase over 2023, while trade counts remained flat, indicating larger average deal sizes. Average trade size jumped 36 % to $150 million, driven partly by reporting‑cap hikes introduced in October 2024. The traditional 70:30 split between off‑platform (NA) and dealer‑to‑dealer (D2D) platforms held steady, but D2D market share shifted, with ICAP expanding its lead. These dynamics reshape liquidity distribution across the G4 currencies.
In 2025 the rates ETD market saw genuine competition only in EUR and JPY money‑market futures, while other currency‑product combos remain largely monopolised by a single CCP. Eurex lifted its share to 14.7% of EUR MM futures, taking volume from...