Q1 2026 shares of D2D platform core rates swaps

April 6, 2026 by No comments

This blog covers D2D platform shares of core rates swaps in G6 currencies in Q1 2026.

Key takeaways

  • Q1 2025 D2D platform shares of core swap packages show the following G6 currency-level leaders and market share shifts:
  • USD SOFR swaps were led by ICAP with a 34.4 percent share. Year-on-year (YoY), RTX gained 2.1 percent, ICAP gained 1.2 percent, Tullett Prebon and Tradition each lost 1.4 percent, Dealerweb lost 0.3 percent, and BGC lost 0.1 percent.
  • EUR Euribor and €STR swaps were led by Tullett Prebon with a 53.1 percent share. YoY, BGC gained 6.8 percent, while Tullett Prebon lost 4.0 percent, Tradition lost 2.6 percent, and ICAP lost 0.2 percent.
  • AUD BBSW and AONIA swaps were dominated by Tullett Prebon with an 83.9 percent share. YoY, Tradition gained 2.7 percent, and Tullett Prebon gained 0.6 percent, while BGC lost 3.0 percent and ICAP lost 0.3 percent.
  • GBP SONIA swaps were led by ICAP with a 52.5 percent share. YoY, BGC gained 7.0 percent, while Tullett Prebon lost 5.9 percent, ICAP lost 0.7 percent, and Tradition lost 0.4 percent.
  • JPY TONA swaps were led by Tradition with a 43.3 percent share. YoY, BGC gained 10.5 percent, and Tullett Prebon gained 2.9 percent, while Tradition lost 13.2 percent, and ICAP lost 0.2 percent.
  • CAD CORRA swaps were led by Tullett Prebon with a 68.1 percent share. YoY, Tradition gained 2.4 percent, while BGC was flat, and Tullett Prebon lost 2.4 percent.

Read on for further analysis and explanation.

All the charts and statistics in this blog were sourced from SDRView.

Background

We focus on the core rates swap products: cleared OIS and fixed-float IRS, of which at least one is the leading risk trading product for each G6 currency. Cleared FRAs and inflation swaps, as well as uncleared swaptions and cross-currency swapsare also traded on D2D platforms, but we cover them in separate blogs.

We further focus on risk trading by excluding compression packages, which are often not risk trades.

We base our market share calculations on the package-adjusted trade count metric. While this metric ignores the relative size of different trades, it avoids the distortion of notional and DV01 metrics by the SDR-reporting trade caps. It also avoids double- or triple-counting when there are multiple legs in a package. Thus, it directly counts package executions.

In recent years, Q1 volumes usually exceeded the other quarters in volume. Therefore, we emphasize YoY comparison of market shares to assess competitive transition.

Q1 G6 D2D platform volumes

Chart 1: SDR-reported G6 currency cleared OIS and fixed-float IRS risk packages executed on D2D platforms (package-adjusted trade count). Source: SDRView

Chart 1 illustrates the 70,162 D2D-platform OIS and fixed-float IRS risk packages executed in Q1 2026 – up 29 percent QoQ and up 21 percent YoY. March 2026 alone saw 25,812 D2D-platform packages in the two products – the largest ever month beating the previous record of 24,322 packages set in January 2026. In March 2026:

  • The largest volume currency was EUR with which saw 10,278 Euribor fixed-float IRS packages and 2,830 €STR OIS packages.
  • USD was next with 6,996 OIS packages, of which all bar 57 were SOFR OIS.
  • AUD saw 2,863 BBSW IRS packages and 161 AONIA OIS packages.
  • GBP had 1,308 SONIA OIS packages.
  • JPY showed 639 TONA OIS packages.
  • CAD had 612 CORRA OIS packages.

SOFR swaps

Chart 2: SDR-reported cleared USD SOFR swaps – D2D platform shares (percentage of package-adjusted trade count). Source: SDRView

Chart 2 illustrates the platform shares of the USD SOFR swap packages executed on D2D platforms in March 2026, which were 6,939 of the 6,996 USD OIS packages noted under Chart 1. Q1 2026 shares were as follows:

  • ICAP (mainly ISWV and ISWE) led with 34.4 percent – up 1.2 YoY and up 6.2 QoQ.
  • BGC (mainly BGCD) had 19.4 percent – down 0.1 YoY but up 0.3 QoQ.
  • Dealerweb (DWSF) had 17.1 percent – down 0.3 YoY and down 4.9 QoQ.
  • Tradition (TSEF) had 17.0 percent – down 1.4 YoY and down 0.2 QoQ.
  • Tullett Prebon (mainly TPSE) had 7.6 percent – down 1.4 YoY and down 1.9 QoQ.
  • RTX (with its more electronic approach featured in our recent blog) had 4.7 percent – up 2.1 YoY and up 0.5 QoQ.

On a YoY basis, RTX gained 2.1 percent, ICAP gained 1.2 percent, while Tullett Prebon and Tradition each lost 1.4 percent, Dealerweb lost 0.3 percent, and BGC lost 0.1 percent.

As you read the following sections, notice that neither Dealerweb (using session-based trading) nor RTX (using a more electronic request-for-trade model) have entered non-USD D2D swap markets.

Euribor and €STR swaps

Chart 3: SDR-reported cleared EUR Euribor and €STR swaps – D2D platform shares (percentage of package-adjusted trade count). Source: SDRView

Chart 3 illustrates the platform shares of the combined 10,278 Euribor swap packages and 2,830 €STR swap packages noted under Chart 1 as executed in March 2026 on D2D platforms. Q1 2026 shares were as follows:

  • Tullett Prebon (mainly TPSE) led with 53.1 percent – down 4.0 YoY and down 1.1 QoQ.
  • BGC (mainly BGCD and GSEF) had 35.0 percent – up 6.8 YoY and up 3.2 QoQ.
  • Tradition (mainly TSEF) had 10.0 percent – down 2.6 YoY and down 2.1 QoQ.
  • ICAP (mainly IMRD) had 1.8 percent – down 0.2 YoY and flat QoQ.
  • On a YoY basis, BGC gained 6.8 percent, while Tullett Prebon lost 4.0 percent, Tradition lost 2.6 percent, and ICAP lost 0.2 percent.

BBSW and AONIA swaps

Chart 4: SDR-reported cleared AUD BBSW and AONIA swap packages – D2D platform shares (percentage of package-adjusted trade count). Source: SDRView

Chart 4 illustrates the platform shares of the 2,863 AUD BBSW swap packages and 161 AUD AONIA swap packages noted under Chart 1 as executed in March 2026 on D2D platforms. Q1 2026 shares were as follows:

  • Tullett Prebon (mainly TPSE) dominated with 83.9 percent – up 0.6 YoY and up 7.9 QoQ.
  • Tradition (TSEF) had 11.6 percent – up 2.7 YoY but down 6.3 QoQ.
  • BGC (mainly BGCD) had 4.2 percent – down 3.0 YoY and down 1.4 QoQ.
  • ICAP (IMRD) had 0.3 percent – down 0.3 YoY and down 0.1 QoQ.

On a YoY basis, Tradition gained 2.7 percent and Tullett Prebon gained 0.6 percent, while BGC lost 3.0 percent and ICAP lost 0.3 percent.

SONIA swaps

Chart 5: SDR-reported cleared GBP SONIA swap packages – D2D platform shares (percentage of package-adjusted trade count). Source: SDRView

Chart 5 illustrates the platform shares of the 1,308 SONIA swap packages noted under Chart 1 as executed in March 2026 on D2D platforms. Q1 2026 shares were as follows:

  • ICAP (mainly IMRD) led with 52.5 percent – down 0.7 YoY and down 1.7 QoQ.
  • BGC (BGCO, BGCD, and GFSO) had 28.0 percent – up 7.0 YoY but down 0.6 QoQ.
  • Tullett Prebon (TPSE and TCDS) had 15.4 percent – down 5.9 YoY but up 1.6 QoQ.
  • Tradition (TSEF) had 4.1 percent – down 0.4 YoY but up 0.7 QoQ.

On a YoY basis, BGC gained 7.0 percent, while Tullett Prebon lost 5.9 percent, ICAP lost 0.7 percent, and Tradition lost 0.4 percent.

TONA swaps

Chart 6: SDR-reported cleared JPY TONA swap packages – D2D platform shares (percentage of package-adjusted trade count). Source: SDRView

Chart 6 illustrates the platform shares of the 639 TONA swap packages noted under Chart 1 as executed in March 2026 on D2D platforms. Q1 2026 shares were as follows:

  • Tradition (TSEF) led with 43.3 percent – down 13.2 YoY but up 4.1 QoQ.
  • Tullett Prebon (mainly from TPSE) had 39.9 percent – down 2.9 YoY but up 1.6 QoQ.
  • BGC (mainly from BGCD) had 16.7 percent – up 10.5 YoY and up 2.6 QoQ.
  • ICAP (mainly from IMRD) had 0.05 percent – down 0.17 YoY and down 0.09 QoQ.

On a YoY basis, BGC gained 10.5 percent and Tullett Prebon gained 2.9 percent, while Tradition lost 13.2 percent and ICAP lost 0.2 percent.

CORRA swaps

Chart 7: SDR-reported cleared CAD CORRA swap packages – D2D platform shares (percentage of package-adjusted trade count). Source: SDRView

Chart 7 illustrates the platform shares of the 612 CORRA swap packages noted under Chart 1 as executed in March 2026 on D2D platforms. Q1 2026 shares were as follows:

  • Tullett Prebon (TPSE) led with 68.1 percent – down 2.4 YoY but up 0.2 QoQ.
  • Tradition (TSEF) had 21.7 percent – up 2.4 YoY and up 2.1 QoQ.
  • BGC (BGCD) led with 10.2 percent – flat YoY and down 2.3 QoQ.
  • On a YoY basis Tradition gained 2.4 percent, while BGC was flat, and Tullett Prebon lost 2.4 percent.

That’s it

We used seven charts to cover D2D platform market shares of G6 rates swaps. Recap the key takeaways by going back to the top.

Watch this space for quarterly coverage of this topic going forward.

We expect to cover D2D platform shares of FRAs, swaptions, and inflation swaps in separate blogs.

Contact us if you are interested in using SDRView.

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