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ESMA data shows EU exchange-traded-derivatives market volumes at €200tn

10 April 2018

The EU market for Exchange-Traded-Derivatives (ETDs) is worth approximately €200tn –  with an average daily turnover of €1.3tn – a recent report by the European Securities and Markets Authority (ESMA) shows.

According to the Market in Financial Instruments Directive (MiFID), ETDs cover asset classes such as equity, credit, interest rate and commodity derivatives. 

ESMA’s latest Trends, Risks, and Vulnerabilities (TRV) Report No. 1, 2018, which analysed data received from European trading venues for the second half of 2016, also shows high concentration both in terms of products and trading venue location. Interest rate derivatives represent more than 80% (€166tn) of total EU volumes, with the United Kingdom being the largest market followed by Germany. The TRV also found that ETD products were more standardised than in the Over-The-Counter (OTC) market.  

The ESMA study is a first analysis of the ETD market based on data used for the MiFID II/MiFIR Transitional Transparency Calculations (TTC).

Background

ESMA’s TRV contributes to promoting financial stability and enhancing consumer protection by regularly looking into cross-border and cross-sector trends, risks and vulnerabilities, both at the wholesale and retail level.