In 18 charts, 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) and Euro Short-Term Rates ESTR (ESTR), and the GBP London Inter-bank Offered Rate (LIBOR) and Sterling Over Night Indexed Average (SONIA), among others. We note:

• EONIA to ESTR conversion has been completed
• GBP LIBOR swaps trading volumes continue to fall
• Secured Overnight Financing Rate (SOFR) trading continues to rise at an accelerated pace
• JPY Tokyo Overnight Average (TONA) has now completely overtaken JPY LIBOR volumes

Benchmark Rates Liquidity Monitor Explanation