Activity in the US$493trn swaps market continued to fragment along geographic lines through 2015, with over 91% of cleared euro interest rate swaps in the interdealer market transacted between European counterparties in December, according to analysis by ISDA. The latest study, based on monthly regional clearing data from LCH.Clearnet, shows that the proportion of euro IRS traded solely between European dealers has increased from 70% in September 2013, just prior to the introduction of new rules that forced US market participants to trade most vanilla interest rate swaps over registered swap execution facilities.
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