USD Rates Overview
USD Rates markets experienced record-breaking activity in 2024, with notional volumes exceeding $1 quadrillion for the second time. According to the latest blog update from Clarus.1 2024 volume of $264 trillion is a new all-time high (across both OIS and Swaps), exceeding the previous high set last year. Volatility over the Summer and the election helped to drive volume.
Spreadover trades continued to make up the majority of the swaps trades, with 60% of the SOFR swap market. According to Clarus2, in the crucial spreadover market ICAP maintained its position as the leading broker with 43% share of spreadover trades.

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