This blog reviews Q2 2026 US-reported swaption volumes and D2D platform market shares – following the Q1 edition of this series.

Key takeaways

After a Q1 record of $8.10 trillion, G4 currency swaptions US-reported activity returned to 2025-like levels in Q2 of $5.74 trillion “package notional” – down 5.6% year-on-year (YoY) and down 29% quarter-on-quarter (QoQ).

• YoY by currency, USD was down 13% with $3.12 trillion, EUR was flat with $1.69 trillion, GBP was up 28% with $695 billion, and JPY was down 7.0% with $231 billion.
• YoY by platform, BGC gave up market share of 6.1%: 2.5 points to off-platform, 2.5 to ICAP, 1.0 to Tullett Prebon (Tulletts) and 0.3 to Dealerweb (which executed its first USD swaptions last February). Charts in this blog indicate BGC’s share decline was led by the loss of Capitolis’ IM optimization execution volume.
• In JPY specifically, Tradition (Trads) gained market share of 3.2% mainly from off-platform.

Read on for deeper supporting analysis and accompanying charts based on SDRView.

Blog scope

For the volume metric in this blog, I used “package notional” or package-adjusted notional volume as calculated by SDRView. Package-adjustment ignores the second and subsequent trade legs in a package, which results in one “package count” and a single trade leg’s package notional or “package DV01”. For swaptions, the effect is to halve the notional of (two-legged) straddles while leaving outrights and compressions unchanged.

In Q2 2026, 22 currencies had US-reported swaptions activity, of which the blog focuses on G4 (USD, EUR, GBP, and JPY) which made up 99% of package notional. Four platform types had US-reported swaptions activity, of which D2D platform and off-platform swaptions were consistently 99.7% of package notional. The blog therefore ignores D2C and single-dealer platforms.

Volumes by currency

Chart 1: US-reported G4 currency swaption package notional (USD billions). Source: SDRView

Chart 1 shows that monthly G4 swaptions package notional returned to 2025-like levels in Q2 2026 after the exceptional March 2026 numbers. Aggregating to quarter-level, Q2 2026 package notional was $5.74 trillion – down 5.6% YoY and down 29% QoQ.

• USD led with $3.12 trillion (54.4% of the total) – down 13% YoY.
• EUR was next with $1.69 trillion (29.4%) – flat YoY but down 35% QoQ.
• GBP had $695 billion (12.1%) – up 28% YoY but down 31% QoQ.
• JPY saw $231 billion (4.0%) – down 7.0% YoY.

By downloading and aggregating monthly package notional and package count, we can compute quarterly average package sizes.

Table 1: YoY and QoQ comparison of Q2 2026 G4 package notional, count and average size. Source: SDRView

Table 1 shows that Q2 2026 package sizes across all four currencies were $170 million package notional – down 1.9% YoY and down 14% QoQ. All three metrics declined QoQ in all four currencies, but the YoY dynamics were more varied:

• GBP package size was down 11% to $198 million (still the largest package size), but a 43% explosion in package count led to the 28% package notional increase.
• USD package size was up 2.8% to $173 million, but a 16% package count decline led to the 13% package notional decrease.
• EUR package size was down 12% to $167 million, but a 14% package count increase led to the flat package notional.
• JPY package size was up 5.1% to $112 million, but a 12% package count decline led to the 7.0% package notional increase.

Broadly Q2 2026 saw a return to 2025-like volumes after the Q1 2025 highs.

Platform type shares

Chart 2: Platform type shares of US-reported G4 currency swaption package notional (USD billions). Source: SDRView

Chart 2 shows a distinct market share shift from Q2 2025 (three bars on the left) to Q2 2026 (three bars on the right). Downloading monthly volumes to calculate quarter-level shares and compare YoY shows a Q2 2026 decrease in D2D platforms’ share of 2.5 points to 16.5% to the off-platform share of 83.5%.

The 2.5-point shift prompts further data mining.

Chart 3: US-reported D2D platform USD swaption package notional (USD billions). Source: SDRView

Chart 3 shows the USD D2D platforms subset of Chart 1 analyzed by platform. It is noticeable that BGCO volumes (in green) declined abruptly from February 2026 onwards to less than $0.5 billion in Q2 2026, after being over $270 billion in Q2 2025. Let us look at daily G4 currency plots.

Chart 4: D2D platform US-reported G4 currency swaption package notional by platform (USD billions). Source: SDRView

From April 2025 to January 2026 Chart 4 shows a pattern of at least monthly spike-days in BGCO (dark green) volume of G4 swaptions. The pattern disappears from February 2026 onwards. Based on our prior blog on rates IM optimization (IMO), this suggests that Capitolis rates IMO runs have now shifted the resulting swaption execution off BGC (BGC sold the Capitalab IMO business to Capitolis in late 2024). Capitolis just posted record IMO runs on LinkedIn, which suggests their swaption executions shifted to off-platform.

I will update you further on rates IMO in an upcoming blog.

Platform shares

For G4 currencies combined, I skip the chart as the charts below broken out by currency are more interesting. Calculating Q2 2026 G4 swaption package notional shares and comparing them YoY with Q2 2025 shows that:

• Off platform had 83.5% – up 2.5 points.
• ICAP had 8.4% – up 2.5 points mainly in ISWV and IOIR.
• BGC had 3.4% – down 6.1 points mainly in BGCO (in London). BGC’s non-IMO swaption activity is focused on BGCD (in New York).
• Tulletts had 3.2% – up 1.0 points mainly in TPSE.
• Trads had 1.3% – flat.
• Dealerweb had 0.3% – up from zero a year earlier.

In summary, BGC gave up 6.1 points: 2.5 to off-platform, 2.5 to ICAP, 1.0 to Tulletts, and 0.3 to Dealerweb.

Now let’s look at platform shares by currency, starting with USD.

Chart 5: Platform shares of USD swaption package notional (USD billions). Source: SDRView

Calculating Q2 2026 shares of USD and comparing them YoY with Q2 2025 shows that:

• Off platform (BILT, XOFF, XXXX) had 83.9% – up 4.7 points.
• ICAP (mainly ISWV) led with 7.4% – up 1.9 points.
• BGC (now mainly BGCD) had 4.4% – down 8.3 points mainly in BGCO, where Q2 2026 volumes are barely visible in the chart.
• Tulletts (TPSE) had 2.3% – up 1.4 points.
• Trads (TSEF) had 1.6% – down 0.3 points.
• Dealerweb (DWSF) had 0.5% – up from zero a year earlier. Dealerweb commenced swaption execution in February. We will keep an eye on progress.

In summary, BGC gave up 8.3 points: 4.7 to off-platform, 1.9 to ICAP, 1.4 to Tulletts, and 0.5 to Dealerweb.

Now we combine EUR and GBP for brevity as the shares and dynamics are similar.

Chart 6: Platform shares of EUR and GBP swaption package notional (USD billions). Source: SDRView

Calculating Q2 2026 shares of EUR and GBP combined and comparing them YoY with Q2 2025 shows that:

• Off-platform had 83.1% – down 0.3 points.
• ICAP (mainly IOIR and ISWV) had 10.5% – up 3.4 points.
• BGC (BGCO and BGCD) had 2.5% – down 3.1 points mainly in BGCO, where notably GBP swaptions had zero activity.
• Tulletts (TPSE) had 3.9% – up 0.1 points.

In summary, ICAP gained 3.4 points: 3.1 from BGC and 0.3 from off-platform.

Lastly JPY with very different shares.

Chart 7: Platform shares of JPY swaption package notional (USD billions). Source: SDRView

Calculating Q2 2026 shares of JPY and comparing them YoY with Q2 2025 shows that:

• Off-platform had 82.0% – down 3.8 points.
• Tulletts (TPSE) had 7.9% – up 0.6 points.
• Trads (TSEF) had 10.0% – up 3.2 points.
• Note that BGC shows no activity in JPY swaptions. Therefore, there is JPY IMO market share swing to off platform in this case.

In summary, off-platform gave up 3.8 points: 3.2 to Trads and 0.6 to Tulletts.

End note

Skip back to the top to reread the key takeaways if you like.

We used seven charts and one table for a complete overview with selected drill-down, but there is a lot more data in SDRView.

Please contact us for information on our data products, or for more details on any of the above analysis.