Over the counter (OTC) refers to foreign exchange transactions that occur outside regulated exchanges (such as the New Yok Stock Exchange or London Stock Exchange).
Forward rate agreement: an agreement for the purchase and sale of interest-bearing asset (such as a bond) at a fixed price at a point in the future;
Swap: the exchange of two different types of interest rates on the same notional principle, with one investor paying a fixed interest rate but receiving variable interest rate payments, and the other paying a variable interest rate but receiving payments based on a fixed interest rate;
Option: an agreement to purchase an interest-bearing asset at some time on the future, but with no obligation to carry out the transaction (unlike with forwards).
Citation formats
OTC single currency interest rate derivatives in Italy 2001-2022, by instrument
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.
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Bank for International Settlements. (February 1, 2023). Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved August 01, 2026, from /statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements. "Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars)." Chart. February 1, 2023. ÌÇÐÄÆƽâ°æ. Accessed August 01, 2026. /statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements. (2023). Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: August 01, 2026. /statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements. "Average Daily Turnover of Over-the-counter Fras, Swaps, and Options in Italy from 2001 to 2022 (in Million U.S. Dollars)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 1 Feb 2023, /statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
Bank for International Settlements, Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars) ÌÇÐÄÆƽâ°æ, /statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/ (last visited August 01, 2026)
Average daily turnover of over-the-counter FRAs, swaps, and options in Italy from 2001 to 2022 (in million U.S. dollars) [Graph], Bank for International Settlements, February 1, 2023. [Online]. Available: /statistics/1207908/average-daily-turnover-otc-interest-rate-derivatives-instrument-italy/
