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).
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OTC single currency interest rate derivatives in the U.S. 2001-2019, by instrument
The average daily turnover of over the counter (OTC) interest rate derivatives traded in the United States rose dramatically in 2016 and 2019, reaching to total of around **** trillion U.S. dollars as of . This compares to just *** billion U.S. dollars in 2013, and just over 100 billion U.S. dollars per day in 2001. Despite the U.S. having a far larger overall economy, the size of the OTC interest rate derivatives market in the UK was significantly larger in than the U.S. in 2019.
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Bank for International Settlements. (December 8, 2019). Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved August 02, 2026, from /statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements. "Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars)." Chart. December 8, 2019. ÌÇÐÄÆƽâ°æ. Accessed August 02, 2026. /statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements. (2019). Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: August 02, 2026. /statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements. "Average Daily Turnover of Over-the-counter Fras, Swaps, and Options in The United States from 2001 to 2019 (in Million U.S. Dollars)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 8 Dec 2019, /statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
Bank for International Settlements, Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars) ÌÇÐÄÆƽâ°æ, /statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/ (last visited August 02, 2026)
Average daily turnover of over-the-counter FRAs, swaps, and options in the United States from 2001 to 2019 (in million U.S. dollars) [Graph], Bank for International Settlements, December 8, 2019. [Online]. Available: /statistics/1277640/average-daily-turnover-otc-interest-rate-derivatives-instrument-usa/
