Chart 1a – Daily average volume per segment
(EUR billions)
Sources and notes
Sources: MMSR, CSDB and SHS.
Notes: Transactions between MMSR agents (reported twice) are included solely as lending to prevent duplication. OIS transactions, which refer to a notional amount that is not settled, are included alongside other funding instruments to show the total size of the money market, even though actual monetary transfers occur only in the non-OIS segments. Excluding outlying and novated OIS transactions.
Notes: Transactions between MMSR agents (reported twice) are included solely as lending to prevent duplication. OIS transactions, which refer to a notional amount that is not settled, are included alongside other funding instruments to show the total size of the money market, even though actual monetary transfers occur only in the non-OIS segments. Excluding outlying and novated OIS transactions.
Chart 1b – Daily outstanding amounts per segment
(EUR billions)
Sources and notes
Sources: MMSR, CSDB and SHS.
Notes: To avoid duplication, transactions between MMSR agents (reported twice) are counted only as lending/FX currency receiving.
Notes: To avoid duplication, transactions between MMSR agents (reported twice) are counted only as lending/FX currency receiving.
Chart 2 – Daily average volume per maturity
(EUR billions)
Sources and notes
Sources: MMSR, CSDB and SHS.
Notes: Daily average transaction amounts for trades in 2025. "O/N, T/N, S/N" refer to overnight, tomorrow/next and spot/next contracts. “Forwards” refers to contracts where the start date is set for a future date beyond the standard settlement period, typically two business days. OIS forwards are often set to begin at the start of a reserve maintenance period, allowing parties to cover against interest rate changes.
Notes: Daily average transaction amounts for trades in 2025. "O/N, T/N, S/N" refer to overnight, tomorrow/next and spot/next contracts. “Forwards” refers to contracts where the start date is set for a future date beyond the standard settlement period, typically two business days. OIS forwards are often set to begin at the start of a reserve maintenance period, allowing parties to cover against interest rate changes.
Chart 3 – Share of European interbank trades
(percentages)
Sources and notes
Sources: MMSR, CSDB and SHS.
Notes: Intense-coloured areas refer to trades between Euro Area banks, while light-coloured areas indicate trades with CCPs and other entities. The chart covers trades in 2025 and displays the percentage shares of daily average transaction amounts.
Notes: Intense-coloured areas refer to trades between Euro Area banks, while light-coloured areas indicate trades with CCPs and other entities. The chart covers trades in 2025 and displays the percentage shares of daily average transaction amounts.
Chart 1.1.1a – Daily average transaction amounts
(EUR billions)
Sources and notes
Source: MMSR.
Notes: To avoid duplication, transactions between MMSR agents (reported twice) are counted only as lending.
Notes: To avoid duplication, transactions between MMSR agents (reported twice) are counted only as lending.
Chart 1.1.2a – Type of collateral
(percentages)
Sources and notes
Source: MMSR.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. In general collateral (GC) transactions, any security within an eligibility basket may be delivered, while specific transactions require the delivery of a specific security. GC transactions may be CCP-cleared (through Eurex GC Pooling or LCH €GC Plus) or bilateral (non-cleared triparty). Specific public and specific private refer to transactions with specific securities from public and non-public entities.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. In general collateral (GC) transactions, any security within an eligibility basket may be delivered, while specific transactions require the delivery of a specific security. GC transactions may be CCP-cleared (through Eurex GC Pooling or LCH €GC Plus) or bilateral (non-cleared triparty). Specific public and specific private refer to transactions with specific securities from public and non-public entities.
Chart 1.1.2b – Percentage of specialness
(percentages)
Sources and notes
Source: MMSR.
Notes: Transactions between MMSR agents are counted only as lending. The red and yellow bars indicate special trades with high-demand securities and cash offered on cheaper terms.
Notes: Transactions between MMSR agents are counted only as lending. The red and yellow bars indicate special trades with high-demand securities and cash offered on cheaper terms.
Chart 1.2.1a – One-day repo rate vs Deposit Facility Rate
(left-hand scale: basis points; right-hand scale: EUR trillions)
Sources and notes
Sources: MMSR and ECB.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. Spread between the volume-weighted average repo rates of government bonds issued by Germany, France, Italy and Spain and the Deposit Facility Rate, excluding quarter-ends. Includes only repos in which a single security is pledged. One-day repo rates cover overnight, tomorrow/next and spot/next tenors, calculated per settlement date.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. Spread between the volume-weighted average repo rates of government bonds issued by Germany, France, Italy and Spain and the Deposit Facility Rate, excluding quarter-ends. Includes only repos in which a single security is pledged. One-day repo rates cover overnight, tomorrow/next and spot/next tenors, calculated per settlement date.
Chart 1.2.1b – Term (over 1W-3M) repo rate vs OIS
(left-hand scale: basis points; right-hand scale: EUR trillions)
Sources and notes
Sources: MMSR, ECB and Bloomberg.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. Spread between the volume-weighted average repo rates of government bonds issued by Germany, France, Italy and Spain and the OIS for similar maturities, excluding quarter-ends. Includes only repos in which a single security is pledged. Term repo rates include maturities over one week and up to three months. 10-day moving average.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. Spread between the volume-weighted average repo rates of government bonds issued by Germany, France, Italy and Spain and the OIS for similar maturities, excluding quarter-ends. Includes only repos in which a single security is pledged. Term repo rates include maturities over one week and up to three months. 10-day moving average.
Chart 1.2.2a – One-day lending vs borrowing rate
(basis points)
Sources and notes
Source: MMSR.
Notes: Daily average lending minus borrowing rate for overnight, tomorrow/next and spot/next trades by MMSR agents.
Notes: Daily average lending minus borrowing rate for overnight, tomorrow/next and spot/next trades by MMSR agents.
Chart 1.2.2b – Transmission of ECB rate changes on the first two days
(basis points)
Sources and notes
Sources: Brokertec and MTS .
Notes: Rate transmission for general collateral (GC) and non-GC repos settled within two days of policy rate change taking effect. GovC = Governing Council.
Notes: Rate transmission for general collateral (GC) and non-GC repos settled within two days of policy rate change taking effect. GovC = Governing Council.
Chart 1.3.1 – Main counterparties by direction for non-cleared trades
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average transaction amounts. To avoid duplication, transactions between MMSR agents (reported twice) are counted only as lending.
Notes: Daily average transaction amounts. To avoid duplication, transactions between MMSR agents (reported twice) are counted only as lending.
Chart 1.3.2a – Top five lender and borrower jurisdictions
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Transactions between MMSR agents (reported twice) are included solely as lending to avoid duplication. Daily average transaction amounts for trades conducted in 2025. Both counterparty and reporting agent locations considered for bilateral trades, and reporting agent location considered for cleared trades.
Notes: Transactions between MMSR agents (reported twice) are included solely as lending to avoid duplication. Daily average transaction amounts for trades conducted in 2025. Both counterparty and reporting agent locations considered for bilateral trades, and reporting agent location considered for cleared trades.
Chart 1.3.2b – Market concentration of individual entities
(percentages)
Sources and notes
Source: MMSR.
Notes: Cumulative share of individual counterparties of the MMSR agents (as distinct from governments and central banks) in the total segment volume over 2025.
Notes: Cumulative share of individual counterparties of the MMSR agents (as distinct from governments and central banks) in the total segment volume over 2025.
Chart 1.4.1a – Daily average transaction amounts by maturity buckets
(EUR billions)
Sources and notes
Source: MMSR.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. O/N = overnight; T/N = tomorrow/next; S/N = spot/next.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. O/N = overnight; T/N = tomorrow/next; S/N = spot/next.
Chart 1.4.1b – Outstanding amounts by maturity buckets
(percentages)
Sources and notes
Source: MMSR.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. Mid-September snapshot chosen to avoid quarter and year-end effects.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. Mid-September snapshot chosen to avoid quarter and year-end effects.
Chart 1.4.2a – Calendar effects: Quarter-end effect on volumes
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average transaction amounts. Chart shows the difference between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors only.
Notes: Daily average transaction amounts. Chart shows the difference between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors only.
Chart 1.4.2b – Calendar effects: Quarter-end effect on rates
(basis points)
Sources and notes
Source: MMSR.
Notes: Volume-weighted rates. Chart shows the difference between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors only
Notes: Volume-weighted rates. Chart shows the difference between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors only
Chart 2.1.1a – Daily average transaction amounts
(EUR billions)
Sources and notes
Source: MMSR.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. For unsecured lending, the MMSR covers only transactions with other credit institutions, excluding other counterparties.
Notes: To prevent duplication, transactions between MMSR agents are counted only as lending. For unsecured lending, the MMSR covers only transactions with other credit institutions, excluding other counterparties.
Chart 2.1.2 – Volume breakdown by contribution to €STR
(percentages)
Sources and notes
Source: MMSR.
Notes: Percentage shares of daily average transaction amounts. “O/N not €STR” includes overnight transactions outside the €STR methodology, such as deposit borrowing with government or non-financial corporations, call accounts, and all overnight lending. To prevent duplication, transactions between MMSR agents are counted only once. O/N = overnight.
Notes: Percentage shares of daily average transaction amounts. “O/N not €STR” includes overnight transactions outside the €STR methodology, such as deposit borrowing with government or non-financial corporations, call accounts, and all overnight lending. To prevent duplication, transactions between MMSR agents are counted only once. O/N = overnight.
Chart 2.2.1a – Overnight rate vs Deposit Facility Rate
(left-hand scale: basis points; right-hand scale: EUR trillions)
Sources and notes
Sources: MMSR and ECB.
Notes: Spread between the volume-weighted average rate and the Deposit Facility Rate. Includes only overnight trades. “O/N non-€STR” includes fixed-rate overnight borrowing not fitting the €STR methodology, such as deposit borrowing from non-financials. “Call accounts” refers to O/N fixed-rate borrowing, offering flexible, interest-bearing options with a minimum deposit and unlimited withdrawal. O/N = overnight.
Notes: Spread between the volume-weighted average rate and the Deposit Facility Rate. Includes only overnight trades. “O/N non-€STR” includes fixed-rate overnight borrowing not fitting the €STR methodology, such as deposit borrowing from non-financials. “Call accounts” refers to O/N fixed-rate borrowing, offering flexible, interest-bearing options with a minimum deposit and unlimited withdrawal. O/N = overnight.
Chart 2.2.1b – Term rate (1W-6M) vs OIS
(left-hand scale: basis points; right-hand scale: EUR trillions)
Sources and notes
Sources: ECB and Bloomberg.
Notes: Spread between the volume-weighted average rate and the OIS for similar maturities. Term rates include Euribor rates for one week, one to three months and six months.
Notes: Spread between the volume-weighted average rate and the OIS for similar maturities. Term rates include Euribor rates for one week, one to three months and six months.
Chart 2.2.2a – One-day lending vs borrowing rate
(basis points)
Sources and notes
Source: MMSR.
Notes: Daily average lending minus borrowing rate for overnight, tomorrow/next and spot/next trades by MMSR agents.
Notes: Daily average lending minus borrowing rate for overnight, tomorrow/next and spot/next trades by MMSR agents.
Chart 2.2.2b – Transmission of ECB rate changes on the first two days
(basis points)
Sources and notes
Source: MMSR.
Notes: Transmission of policy rate changes to unsecured trades settled within two days of policy changes taking effect. GovC = Governing Council.
Notes: Transmission of policy rate changes to unsecured trades settled within two days of policy changes taking effect. GovC = Governing Council.
Chart 2.3.1 – Main counterparties by direction
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average transaction amounts. MMSR unsecured borrowing data (including data for call accounts) cover banks’ transactions with any counterparty, while unsecured lending data are limited to interbank activity. To avoid duplication, transactions between MMSR agents are counted only as lending.
Notes: Daily average transaction amounts. MMSR unsecured borrowing data (including data for call accounts) cover banks’ transactions with any counterparty, while unsecured lending data are limited to interbank activity. To avoid duplication, transactions between MMSR agents are counted only as lending.
Chart 2.3.2a – Top four lender and borrower jurisdictions
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Transactions between MMSR agents are counted only once as lending to avoid duplication. Daily average transaction amounts for trades in 2025, based on the location of both the reporting agent and the counterparty.
Notes: Transactions between MMSR agents are counted only once as lending to avoid duplication. Daily average transaction amounts for trades in 2025, based on the location of both the reporting agent and the counterparty.
Chart 2.3.2b – Market concentration of individual entities
(percentages)
Sources and notes
Source: MMSR.
Notes: Cumulative share of individual counterparties (excluding governments and central banks) in the MMSR agents’ volume for 2025 relative to the total segment volume.
Notes: Cumulative share of individual counterparties (excluding governments and central banks) in the MMSR agents’ volume for 2025 relative to the total segment volume.
Chart 2.4.1a – Daily average transaction amounts by maturity buckets
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Transactions between MMSR agents are recorded only once as lending to avoid duplication. Daily average transaction amounts: O/N = overnight; T/N = tomorrow/next; S/N = spot/next.
Notes: Transactions between MMSR agents are recorded only once as lending to avoid duplication. Daily average transaction amounts: O/N = overnight; T/N = tomorrow/next; S/N = spot/next.
Chart 2.4.1b – Outstanding amounts by maturity buckets
(percentages)
Sources and notes
Source: MMSR.
Notes: Transactions between MMSR agents are recorded only once as lending to avoid duplication. Mid-September snapshot chosen to avoid quarter and year-end effects.
Notes: Transactions between MMSR agents are recorded only once as lending to avoid duplication. Mid-September snapshot chosen to avoid quarter and year-end effects.
Chart 2.4.2a – Calendar effects: Quarter-end effect on volumes
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average transaction amounts. Chart shows the change between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors.
Notes: Daily average transaction amounts. Chart shows the change between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors.
Chart 2.4.2b – Calendar effects: Quarter-end effect on rates
(basis points)
Sources and notes
Source: MMSR.
Notes: Volume-weighted rates. Chart shows the change between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors.
Notes: Volume-weighted rates. Chart shows the change between the last business day of one quarter and the first business day of the next, for overnight, tomorrow/next and spot/next tenors.
Chart 3.1.1a – Daily average transaction amounts
(EUR billions)
Sources and notes
Sources: CSDB and SHS.
Notes: Volume of STS issued by euro area banks (CSDB) and/or held by euro area banks (SHS), covering all currencies. To avoid duplication, STS issued and held by euro area banks (present in both databases) are counted only as issuance.
Notes: Volume of STS issued by euro area banks (CSDB) and/or held by euro area banks (SHS), covering all currencies. To avoid duplication, STS issued and held by euro area banks (present in both databases) are counted only as issuance.
Chart 3.1.2 – Volume breakdown by currency
(percentages)
Sources and notes
Sources: CSDB and SHS.
Notes: Volume of STS issued by euro area banks (CSDB) and/or held by euro area banks (SHS), covering all currencies. To avoid duplication, STS issued and held by euro area banks (present in both databases) are counted only as issuance. “Other” covers currencies such as Swiss franc, Australian dollar and Hong Kong dollar.
Notes: Volume of STS issued by euro area banks (CSDB) and/or held by euro area banks (SHS), covering all currencies. To avoid duplication, STS issued and held by euro area banks (present in both databases) are counted only as issuance. “Other” covers currencies such as Swiss franc, Australian dollar and Hong Kong dollar.
Chart 3.2.1a – One-week rate vs Deposit Facility Rate
(basis points)
Sources and notes
Source: CSDB.
Notes: The 30-day moving average of the spread between the euro-denominated STS volume-weighted yield and the respective benchmark is broken down by issuer type, with confidential data points hidden. The benchmark is the Deposit Facility Rate.
Notes: The 30-day moving average of the spread between the euro-denominated STS volume-weighted yield and the respective benchmark is broken down by issuer type, with confidential data points hidden. The benchmark is the Deposit Facility Rate.
Chart 3.2.1b – Term rate vs OIS
(basis points)
Sources and notes
Sources: CSDB and MMSR.
Notes: The 30-day moving average of the spread between the euro-denominated STS volume-weighted yield and the respective benchmark is broken down by issuer type, with confidential data points hidden. The benchmark is the OIS for similar maturities.
Notes: The 30-day moving average of the spread between the euro-denominated STS volume-weighted yield and the respective benchmark is broken down by issuer type, with confidential data points hidden. The benchmark is the OIS for similar maturities.
Chart 3.2.2a – Rating effect by maturity bands
(basis points)
Sources and notes
Source: CSDB.
Notes: Spread differences between the euro-denominated STS volume-weighted yield and the benchmark rate (Deposit Facility Rate for up to one week, OIS for longer maturities) for higher-rated versus lower-rated instruments and issuers, covering 2025 trades. The methodology to define risk categories is based on the External Credit Assessment Institution (ECAIs) mapping performed by the joint Committee of the three European Supervisory Authorities EBA, ESMA and EIOPA (higher rating: 1, 2; lower rating: 3, 4).
Notes: Spread differences between the euro-denominated STS volume-weighted yield and the benchmark rate (Deposit Facility Rate for up to one week, OIS for longer maturities) for higher-rated versus lower-rated instruments and issuers, covering 2025 trades. The methodology to define risk categories is based on the External Credit Assessment Institution (ECAIs) mapping performed by the joint Committee of the three European Supervisory Authorities EBA, ESMA and EIOPA (higher rating: 1, 2; lower rating: 3, 4).
Chart 3.2.2b – Transmission of ECB rate changes
(basis points)
Sources and notes
Source: CSDB.
Notes: Policy rate change transmission during the maintenance period. The pass-through was calculated by subtracting the volume-weighted average STEP euro-denominated zero-coupon yields of instruments issued and matured between two consecutive Governing Council decisions.
Notes: Policy rate change transmission during the maintenance period. The pass-through was calculated by subtracting the volume-weighted average STEP euro-denominated zero-coupon yields of instruments issued and matured between two consecutive Governing Council decisions.
Chart 3.3.1 – Main counterparties by direction
(EUR billions)
Sources and notes
Sources: CSDB and SHS.
Notes: Sum of outstanding amounts and holding amounts as at the end of the fourth quarter. The left side indicates the sectors responsible for the issuance volume of securities in the euro area that are either held or issued by euro area banks, while the right side shows the sectors holding the securities either held or issued by euro area banks in the euro area.
Notes: Sum of outstanding amounts and holding amounts as at the end of the fourth quarter. The left side indicates the sectors responsible for the issuance volume of securities in the euro area that are either held or issued by euro area banks, while the right side shows the sectors holding the securities either held or issued by euro area banks in the euro area.
Chart 3.3.2a – Top three issuer and holder jurisdictions
(EUR billions)
Sources and notes
Sources: CSDB and SHS.
Notes: Outstanding/holding amounts as of the third quarter of 2025 for all sectors excluding public entities.
Notes: Outstanding/holding amounts as of the third quarter of 2025 for all sectors excluding public entities.
Chart 3.3.2b – Market concentration of individual entities
(percentages)
Sources and notes
Source: CSDB.
Notes: Cumulative share of individual entity STS issuance over 2025 relative to the total yearly issuances (excluding public entities).
Notes: Cumulative share of individual entity STS issuance over 2025 relative to the total yearly issuances (excluding public entities).
Chart 3.4.1a – Daily average transaction amounts by maturity bands
(EUR billions)
Sources and notes
Sources: CSDB and SHS.
Notes: Daily average issuance within the euro area across all currencies, excluding public entities, as well as euro area bank holdings from all sectors except public. Each maturity band excludes shorter maturities.
Notes: Daily average issuance within the euro area across all currencies, excluding public entities, as well as euro area bank holdings from all sectors except public. Each maturity band excludes shorter maturities.
Chart 3.4.1b – Outstanding amounts by maturity bands
(percentages)
Sources and notes
Sources: CSDB and SHS.
Notes: Outstanding/holding amounts from all sectors (excluding public entities). Data is shown as of the end of the third quarter for comparability with other segments.
Notes: Outstanding/holding amounts from all sectors (excluding public entities). Data is shown as of the end of the third quarter for comparability with other segments.
Chart 3.4.2 – Quarterly deviation from annual average issuance
(EUR billions)
Sources and notes
Source: CSDB.
Notes: Quarterly deviation of STS gross issuances from the yearly average from all sectors except public entities.
Notes: Quarterly deviation of STS gross issuances from the yearly average from all sectors except public entities.
Chart 4.1.1a – Daily average transaction amounts
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Volume of euros bought/sold against all currencies. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication.
Notes: Volume of euros bought/sold against all currencies. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication.
Chart 4.1.2 – Volume breakdown by currency against euro
(percentages)
Sources and notes
Source: MMSR.
Notes: Percentage of transaction amounts (euro versus foreign currencies). "Others" includes 61 currencies, with the Australian dollar, Hungarian forint and New Zealand dollar being the most significant. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication.
Notes: Percentage of transaction amounts (euro versus foreign currencies). "Others" includes 61 currencies, with the Australian dollar, Hungarian forint and New Zealand dollar being the most significant. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication.
Chart 4.2.1a – Spread between one-day rate and SOFR
(basis points)
Sources and notes
Sources: MMSR and Bloomberg.
Notes: Shows the spread between the implied US dollar borrowing rate from EUR/USD FX swaps with the secured overnight financing rate (SOFR). The one-day rate includes overnight, tomorrow/next and spot/next trades. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication. Confidential data points are hidden.
Notes: Shows the spread between the implied US dollar borrowing rate from EUR/USD FX swaps with the secured overnight financing rate (SOFR). The one-day rate includes overnight, tomorrow/next and spot/next trades. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication. Confidential data points are hidden.
Chart 4.2.1b – Spread between term rate and SOFR OIS
(basis points)
Sources and notes
Sources: MMSR and Bloomberg.
Notes: Shows the spread between the implied US dollar borrowing rate from EUR/USD FX swaps with the SOFR OIS for similar maturities. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication. Confidential data points are hidden.
Notes: Shows the spread between the implied US dollar borrowing rate from EUR/USD FX swaps with the SOFR OIS for similar maturities. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication. Confidential data points are hidden.
Chart 4.2.2 – Cost of US dollar funding in the central bank operations vs market
(left-hand scale: percentage points; right-hand scale: EUR millions)
Sources and notes
Sources: ECB and Bloomberg.
Notes: Eurosystem's US dollar swap line use, operation price and FX swap market price.
Notes: Eurosystem's US dollar swap line use, operation price and FX swap market price.
Chart 4.3.1 – Main counterparties by direction
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average transaction amounts indicate the counterparty sector for trades where MMSR reporting agents exchange euro for US dollars by. Double-reported transactions (between MMSR reporting banks) are counted only in US dollars reception.
Notes: Daily average transaction amounts indicate the counterparty sector for trades where MMSR reporting agents exchange euro for US dollars by. Double-reported transactions (between MMSR reporting banks) are counted only in US dollars reception.
Chart 4.3.2a – Top five US dollar provider and receiver jurisdictions
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average US dollar/euro transaction amounts for 2025. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication.
Notes: Daily average US dollar/euro transaction amounts for 2025. Transactions between MMSR agents are counted only as FX currency receiving transactions to avoid duplication.
Chart 4.3.2b – Market concentration of individual entities
(percentages)
Sources and notes
Source: MMSR.
Notes: Cumulative share of individual counterparties (excluding government/central bank) in the MMSR agents’ volume for 2025 relative to the total segment volume. All currencies included.
Notes: Cumulative share of individual counterparties (excluding government/central bank) in the MMSR agents’ volume for 2025 relative to the total segment volume. All currencies included.
Chart 4.4.1a – Daily average transaction amounts by maturity buckets
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Transactions between MMSR agents are counted only once as FX currency receiving transactions to avoid duplication. Daily average transaction amounts in all currencies: O/N = overnight; T/N = tomorrow/next; S/N = spot/next; “Forwards" refers to transactions settling more than three business days ahead.
Notes: Transactions between MMSR agents are counted only once as FX currency receiving transactions to avoid duplication. Daily average transaction amounts in all currencies: O/N = overnight; T/N = tomorrow/next; S/N = spot/next; “Forwards" refers to transactions settling more than three business days ahead.
Chart 4.4.1b – Outstanding amount by maturity buckets
(percentages)
Sources and notes
Source: MMSR.
Notes: Transactions between MMSR agents are counted only once as FX currency receiving transactions to avoid duplication. Mid-September snapshot chosen to avoid quarter and year-end effects.
Notes: Transactions between MMSR agents are counted only once as FX currency receiving transactions to avoid duplication. Mid-September snapshot chosen to avoid quarter and year-end effects.
Chart 4.4.2a – Calendar effects: Year-end effect on US dollar volumes
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average transaction volume for the specified period. Blue bars represent the volume traded in Q1-Q3, October, November and December (excluding the 5 last trading days of December) that is maturing in the first 15 days of the next year. The rise in trading from October indicates pre-funding strategies to bypass high year-end trading costs.
Notes: Daily average transaction volume for the specified period. Blue bars represent the volume traded in Q1-Q3, October, November and December (excluding the 5 last trading days of December) that is maturing in the first 15 days of the next year. The rise in trading from October indicates pre-funding strategies to bypass high year-end trading costs.
Chart 4.4.2b – Calendar effects: Year-end effect on US dollar FX premium
(basis points)
Sources and notes
Source: MMSR.
Notes: Average spread for the specified period between the implied US dollar borrowing rate from EUR/USD FX swaps with the secured overnight financing rate (SOFR) and SOFR OIS for similar maturities. Blue bars represent the volume traded in Q1-Q3, October, November and December (excluding the 5 last trading days of December) that is maturing in the first 15 days of the next year. The rise in trading from October indicates pre-funding strategies to bypass high year-end trading costs.
Notes: Average spread for the specified period between the implied US dollar borrowing rate from EUR/USD FX swaps with the secured overnight financing rate (SOFR) and SOFR OIS for similar maturities. Blue bars represent the volume traded in Q1-Q3, October, November and December (excluding the 5 last trading days of December) that is maturing in the first 15 days of the next year. The rise in trading from October indicates pre-funding strategies to bypass high year-end trading costs.
Chart 5.1.1a – Daily average transaction amounts
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Notional amounts, excluding double-reporting, outliers and novations.
Notes: Notional amounts, excluding double-reporting, outliers and novations.
Chart 5.1.1b – Relation to other derivative outstanding amounts
(EUR trillions)
Sources and notes
Source: EMIR.
Notes: Outstanding euro notional amounts at month's end, excluding double-reporting and extreme outliers. EMIR includes more reporting entities than MMSR.
Notes: Outstanding euro notional amounts at month's end, excluding double-reporting and extreme outliers. EMIR includes more reporting entities than MMSR.
Chart 5.1.2 – Forward notional amounts: breakdown by underlying contract
(percentages)
Sources and notes
Source: MMSR.
Notes: Distribution of daily average trading amounts by contract, excluding double-reporting, outliers and novations. “FD 12M24M” refers to trades starting 12 months after the trade date and maturing 12 months later. Only includes transactions with CCP counterparties.
Notes: Distribution of daily average trading amounts by contract, excluding double-reporting, outliers and novations. “FD 12M24M” refers to trades starting 12 months after the trade date and maturing 12 months later. Only includes transactions with CCP counterparties.
Chart 5.2.1 – Realised and 3 month €STR forward rates
(percentage points)
Sources and notes
Sources: ECB and Bloomberg.
Notes: The chart shows €STR OIS forward rates with the realised €STR. The forward curve is constructed from observed €STR OIS spot rates across maturities ranging from 1 month to 30 years. A zero-coupon spot curve is first built using a bootstrapping method, and then a cubic smoothing spline is applied to interpolate between input maturities and produce a smooth forward curve.
Notes: The chart shows €STR OIS forward rates with the realised €STR. The forward curve is constructed from observed €STR OIS spot rates across maturities ranging from 1 month to 30 years. A zero-coupon spot curve is first built using a bootstrapping method, and then a cubic smoothing spline is applied to interpolate between input maturities and produce a smooth forward curve.
Chart 5.2.2a – OIS rate by maturity bucket
(percentage points)
Sources and notes
Source: MMSR.
Notes: Volume-weighted average rate for selected maturity buckets plotted against trade dates, excluding double-reporting, outliers, and novations. 10-day rolling average.
Notes: Volume-weighted average rate for selected maturity buckets plotted against trade dates, excluding double-reporting, outliers, and novations. 10-day rolling average.
Chart 5.2.2b – Impact of inflation data
(percentage points)
Sources and notes
Source: Bloomberg.
Notes: The chart displays the relationship between inflation swaps and OIS rates. Inflation swaps transfer inflation risk for a fixed payment, enabling inflation to be estimated accurately and helping financial professionals to hedge or profit from price changes. "Pre COVID-19 pandemic" refers to the period between 1 January 2010 and 28 February 2020, "COVID-19 pandemic" refers to the period between 29 February 2020 and 31 December 2021, "Post COVID-19 pandemic" refers to the period between 1 January 2023 until 31 December 2024. The year 2022 is excluded to provide a better visual separation between the different periods.
Notes: The chart displays the relationship between inflation swaps and OIS rates. Inflation swaps transfer inflation risk for a fixed payment, enabling inflation to be estimated accurately and helping financial professionals to hedge or profit from price changes. "Pre COVID-19 pandemic" refers to the period between 1 January 2010 and 28 February 2020, "COVID-19 pandemic" refers to the period between 29 February 2020 and 31 December 2021, "Post COVID-19 pandemic" refers to the period between 1 January 2023 until 31 December 2024. The year 2022 is excluded to provide a better visual separation between the different periods.
Chart 5.3.1 – Main counterparties receiving fixed interest rate payments from euro area banks
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Average daily notional volume of OIS transactions categorised by centrally cleared versus non-cleared trades and by CCP location, excluding double-reporting, outliers and novations. Confidential data points are hidden.
Notes: Average daily notional volume of OIS transactions categorised by centrally cleared versus non-cleared trades and by CCP location, excluding double-reporting, outliers and novations. Confidential data points are hidden.
Chart 5.3.2a – Top actors by jurisdiction and trade direction
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average volume of OIS transactions for trades in 2025. Double-reporting, outliers and novations are excluded. The chart indicates the counterparty’s location for bilateral trades and the reporting agent’s location for cleared trades. For the non-euro area, spot and forward trades have been merged.
Notes: Daily average volume of OIS transactions for trades in 2025. Double-reporting, outliers and novations are excluded. The chart indicates the counterparty’s location for bilateral trades and the reporting agent’s location for cleared trades. For the non-euro area, spot and forward trades have been merged.
Chart 5.3.2b – Market concentration of individual entities
(percentages)
Sources and notes
Source: MMSR.
Notes: Cumulative share of individual counterparties (excluding governments and central banks) in the volume of transactions by MMSR agents over 2025 relative to the total OIS volume.
Notes: Cumulative share of individual counterparties (excluding governments and central banks) in the volume of transactions by MMSR agents over 2025 relative to the total OIS volume.
Chart 5.4.1a – Daily average transaction amounts by maturity buckets
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Maturity buckets indicate standard contract lengths based on the difference between start and maturity dates. Forwards are transactions settling more than three business days ahead, excluding double-reporting, outliers and novations.
Notes: Maturity buckets indicate standard contract lengths based on the difference between start and maturity dates. Forwards are transactions settling more than three business days ahead, excluding double-reporting, outliers and novations.
Chart 5.4.1b – Outstanding amounts by maturity bands
(percentages)
Sources and notes
Source: EMIR.
Notes: Outstanding euro-denominated notional amounts, excluding double-reporting and extreme outliers. Mid-September snapshot chosen for comparability purposes with other segments.
Notes: Outstanding euro-denominated notional amounts, excluding double-reporting and extreme outliers. Mid-September snapshot chosen for comparability purposes with other segments.
Chart 5.4.2 – Daily average transaction amounts on specific day
(EUR billions)
Sources and notes
Source: MMSR.
Notes: Daily average transaction volumes, excluding double-reporting, outliers and novations.
Notes: Daily average transaction volumes, excluding double-reporting, outliers and novations.