We cover the main metrics for total liquidity for interest rate and overnight indexed swaps. Analysis breaks down via currencies, such as the Euro Inter-bank Offered Rate (EURIBOR), Euro Short-Term Rates (ESTR), the Sterling Over Night Indexed Average, and the Tokyo Overnight Average Rate. We note:

• ESTR trading volumes recovered in January, but not as much as EURIBOR did.
• SOFR trade count increased significantly and for the first time overtook USD LIBOR trade count.
• GBP LIBOR and JPY LIBOR transitions are now completed, however, some marginal trades were still observed in January post LIBOR cessation.

Benchmark Rates Liquidity Monitor Explanation