Tradition dominated the inter-dealer USD Interest Rate Swap market in liquidity, with a market share average of over 32%* in 2024.

Once again Tradition dominated the inter-dealer USD Interest Rate Swap market outperforming the competitors in DV01 USD trades executed by IDBs. The 12 month average market share was over 32%*, reaching as high as 35%* in September. In the short end, which is predominantly the basis market, Tradition had over a 47%* share over the same period.

Furthermore, across the USD Rates Swap market spectrum Tradition are number one in three out of the five traded categories:

  • SOFR Butterflies
  • CCP Switches
  • Forwards / IMMs

By the end of December 2025, US Treasury cash transactions will be mandated to be cleared, with US Repo transactions following shortly after in June 2026. These regulatory changes could see improved liquidity in the IDB SOFR market, making it even more important to obtain the most comprehensive data for this market.

What does this mean? Our data is directly derived from Tradition’s leading brokerage desks, so you can trust that our packages offer comprehensive and accurate view of the USD rates market.

Available direct via our own proprietary data feed or through the major industry vendors, our USD Swaps data directly reflects our strengths in this market.

*Source: Clarus SEFView. Please note our numbers are based on actual traded volumes reported by each SEF, and not the limited figures as shown in the public SDR data.

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