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 Spain 2001-2022, by instrument
The average daily turnover of over-the-counter (OTC) derivatives traded on in Spain was dominated by interest rate swaps, with an average daily turnover of over ** billion U.S. dollars in April 2022. The dominance of this derivative type was challenged in 2013 by the forward rate agreement, in which investors agree on a rate at some point in the future, but not an amount to be traded.
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Bank for International Settlements. (November 30, 2022). Average daily turnover of over-the-counter FRAs, swaps, and options in Spain from 2001 to 2022 (in million U.S. dollars) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 29, 2026, from /statistics/1233698/average-daily-turnover-otc-interest-rate-derivatives-instrument-spain/
Bank for International Settlements. "Average daily turnover of over-the-counter FRAs, swaps, and options in Spain from 2001 to 2022 (in million U.S. dollars)." Chart. November 30, 2022. ÌÇÐÄÆƽâ°æ. Accessed July 29, 2026. /statistics/1233698/average-daily-turnover-otc-interest-rate-derivatives-instrument-spain/
Bank for International Settlements. (2022). Average daily turnover of over-the-counter FRAs, swaps, and options in Spain from 2001 to 2022 (in million U.S. dollars). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 29, 2026. /statistics/1233698/average-daily-turnover-otc-interest-rate-derivatives-instrument-spain/
Bank for International Settlements. "Average Daily Turnover of Over-the-counter Fras, Swaps, and Options in Spain from 2001 to 2022 (in Million U.S. Dollars)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 30 Nov 2022, /statistics/1233698/average-daily-turnover-otc-interest-rate-derivatives-instrument-spain/
Bank for International Settlements, Average daily turnover of over-the-counter FRAs, swaps, and options in Spain from 2001 to 2022 (in million U.S. dollars) ÌÇÐÄÆƽâ°æ, /statistics/1233698/average-daily-turnover-otc-interest-rate-derivatives-instrument-spain/ (last visited July 29, 2026)
Average daily turnover of over-the-counter FRAs, swaps, and options in Spain from 2001 to 2022 (in million U.S. dollars) [Graph], Bank for International Settlements, November 30, 2022. [Online]. Available: /statistics/1233698/average-daily-turnover-otc-interest-rate-derivatives-instrument-spain/
