We cover the main metrics for total liquidity for interest rate and overnight indexed swaps. Analysis breaks down via currencies, such as the Euro Inter-bank Offered Rate (EURIBOR), Euro Short-Term Rates (ESTR), the Sterling Over Night Indexed Average, and the Tokyo Overnight Average Rate. We note:
ESTR trading volumes recovered in January, but not as much as EURIBOR did.
SOFR trade count increased significantly and for the first time overtook USD LIBOR trade count.
GBP LIBOR and JPY LIBOR transitions are now completed, however, some marginal trades were still observed in January post LIBOR cessation.