期刊名称：BIS Quarterly Review: International Banking and Financial Market Developments = BIZ-Quartalsbericht: Internationales Bankgeschäft und internationale Finanzmärkte
印刷版ISSN：1012-9979
出版年度：2016
卷号：2016
语种：English
出版社：Bank for International Settlements
摘要：We analyse recent developments in over-the-counter (OTC) interest rate derivatives markets using the results of the 2016 BIS Triennial Central Bank Survey. Overall, turnover in both OTC and exchange-traded markets has expanded moderately since 2013. The average daily turnover of US dollar-denominated instruments has nearly doubled, driven by contracts with short maturities. Turnover of euro-denominated instruments has halved. We argue that monetary policy has been an important factor behind these changes. Despite a tightening of US monetary policy, activity in long-maturity US dollar contracts has remained subdued, which we attribute to reduced hedging demand from government-sponsored enterprises. Regulatory reforms have continued to influence market structure. To date, OTC markets have not lost market share to exchanges. In fact, regulatory changes are making OTC markets more similar to exchanges.
