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Overnight Indexed Swaps (OIS)

Market data coverage across OIS markets, including ARRs (alternative reference rates).

OIS Products available from TraditionData

Americas
Country
Currency
OIS
OIS Spreads
IMM/Meeting Dates
Majors
Canada
CAD (CORRA)
United States
USD (Fed Funds, SOFR)
Emerging
Chile
CLP
Colombia
COP
EMEA
Country
Currency
OIS
OIS Spreads
IMM/Meeting Dates
Majors
Switzerland
CHF (SARON)
Specialist Package
Specialist Package
Europe
EUR (EONIA, ESTR)
United Kingdom
GBP (SONIA)
Scandinavia
Denmark
DKK (CITA)
Norway
NOK (NOWA)
Sweden
SEK (STINA)
Emerging
Czech Republic
CZK
Hungary
HUF
Poland
PLN
Russian Federation
RUB
Turkey
TRY
APAC
Country
Currency
OIS
OIS Spreads
IMM/Meeting Dates
China (PingAn)
China (People's Republic of China)
CNY
Specialist Package
Specialist Package
Japan
Japan
JPY (TONA)
Australia
Australia
AUD (AONIA)
New Zealand
NZD
Greater China
Hong Kong
HKD (HONIA)
South East Asia
Indonesia
IDR
India
INR
Philippines
PHP
Singapore
SGD (SORA)
Thailand
THB (THOR)

OIS market data provides financial services professionals with valuable information on current market conditions and trends, and can be used to make informed trading decisions and to manage risk.

Overnight Indexed Swaps (OIS) packages from TraditionData

Our Overnight Index Swaps (OIS) data packages offer price transparency for the global OIS markets. Coverage includes spot and forward start OIS, OIS spreads, IMM dates and central bank meeting dates for both deliverable and non-deliverable currencies.

Key stats

25
currencies
17
global desks
BENEFITS

Key benefits:

Manage Interest Rate Risk: OIS can be used by financial institutions such as banks, pension funds, and insurance companies to manage interest rate risk on their fixed-rate assets and liabilities. For example, a bank with a large portfolio of fixed-rate mortgages may use OIS to hedge against a rise in interest rates.

Speculation: OIS can be used by hedge funds and other financial institutions to speculate on interest rate movements.

Funding and Liquidity Management: OIS can be used by financial institutions to manage their funding and liquidity needs. For example, a bank may use OIS to raise funds at a lower cost than traditional borrowing methods.

Basis Trading: Some traders use OIS as a hedge against basis risk, which is the risk that arises from the difference between the cash and derivative market. By using OIS, traders can lock in a specific interest rate spread between the cash and derivative market.

What is an OIS?

An OIS is a type of interest rate swap in which two parties agree to exchange a series of interest rate payments based on a specified notional amount. One party pays a fixed rate of interest and the other pays a compounded or averaged interest rate based on a specified overnight index which is typically derived from specific overnight lending activity, such as the Federal Funds rate in the US.

In many currencies, OIS’ are commonly used as a benchmark for short-term interest rates, an alternative to existing or deprecated term IBOR fixings.  OIS are generally considered to be more robust than other short-term IBOR benchmarks because they are typically based on more liquid lending activity. As OIS are based on overnight lending, and in some cases collateralised overnight lending (e.g. SOFR in US dollars), OIS rates can be considered to represent a very low level of credit risk, lower than term IBOR rates.  In this respect, OIS rates can serve as a base level over which credit risk can be expressed as a credit spread.

In some currencies OIS swaps, based on ARRs (alternative reference rates) have replaced IBOR swaps completely, for example GBP (SONIA), JPY (TONA) and USD (SOFR) in June 2023.

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