This blog reviews the Q3 2026 D2D platform market share dynamics of major currency rates swaps risk-trading, continuing from the last quarterly edition.
Key takeaways
- Across all six major currencies, Tullett Prebon (Tulletts) increased its leading market share to 46.0% – up 4.1% quarter-on-quarter (QoQ).
- In SOFR swaps, the more electronic firms increased share QoQ by a combined 1.88% (RTX 1.44% and Dealerweb 0.44%) at the expense of the “big four” IDB-originated firms.
- The market share picture varied materially by currency – read on for details.
We sourced the charts and statistics from SDRView.
Background
Here we focus on D2D platforms’ bread-and-butter trading activity in cleared OIS and fixed float IRS. We exclude compressions to keep the focus on risk-trading. The product focus means we exclude D2D market shares in smaller volumes of activity on D2D platforms in FRAs, inflation swaps, swaptions, and cross-currency swaps. These are each covered in separate blogs.
We assess market share based on package-adjusted trade count (“package count”) – a metric which directly counts package execution events by avoiding double- or triple-counting of multiple swap trades in a package. This metric admittedly ignores variation in trade size. However, it also avoids distortion by the SDR-reporting trade caps which affects notional and DV01 metrics.
Volumes by major currency
Note: for readability, we round aggregate package counts to the nearest ten.
Chart 1: US-reported D2D platform traded cleared OIS and fixed-float IRS and index type (package count). Source: SDRView
Chart 1 shows the month-by-month breakdown of the 59,630 cleared OIS and fixed-float IRS packages executed on D2D-platforms in Q3 2026 – up 9.3% year-on-year (YoY), up 2.9% QoQ, but below the Q1 2026 record of 70,180 packages.
Calculating quarter-by-quarter gives Q3 2026 currency volumes:
- EUR was largest with 30,330 packages (comprising 22,960 Euribor fixed-float IRS packages and 7,370 €STR OIS packages) – up 15% YoY.
- USD was next with 15,210 OIS packages (comprising 14,840 SOFR OIS and 370 FedFunds OIS) – up 1.2% YoY.
- AUD saw 6,980 packages (comprising 6,760 BBSW IRS packages and 220 AONIA OIS packages – up 8.8% YoY but down 5.6% QoQ.
- GBP had 3,170 SONIA OIS packages – down 11.6% YoY but up 4.6% QoQ.
- JPY showed 2,070 packages (comprising 2,050 TONA OIS packages and 20 TIBOR IRS packages) – up 30% YoY.
- CAD had 1,870 CORRA OIS packages – up 15% YoY.
- GBP was the only currency with reduced volume YoY.
Euribor and €STR swaps
We begin with EUR as it was much larger than USD with almost double the D2D platform volume.
Chart 2: platform shares of US-reported D2D platform traded cleared Euribor and €STR swap (percentage of package count). Source: SDRView
Chart 2 illustrates the month-by-month platform shares of the combined 30,330 Euribor and €STR swap packages executed on D2D platforms in Q3 2026 as noted under Chart 1.
Calculating quarter-by-quarter by platform group gives Q3 2026 market shares:
- Tulletts (mainly TPSE) led with 55.3% – up 5.1 points QoQ.
- BGC (mainly BGCD and GSEF) had 30.3% – down 4.7 points QoQ.
- Trads (mainly TSEF) had 13.4% – down 0.19 points QoQ.
- ICAP (mainly IMRD) had 1.0% – down 0.24 points QoQ.
There was a 4.7-point QoQ market share shift from BGC to Tulletts.
SOFR swaps
For clarity, our focus on SOFR swaps means we disregard about 370 FedFunds OIS packages noted above.
Chart 3: platform shares of US-reported D2D platform traded cleared SOFR swaps (percentage of package count). Source: SDRView
Chart 3 illustrates the month-by-month platform shares of the 14,840 cleared SOFR swap packages executed on D2D platforms in Q3 2026 as noted under Chart 1.
Calculating quarter-by-quarter by platform group gives Q3 2026 market shares:
- ICAP (mainly ISWV and ISWE) led with 30.4% – down 1.0 points QoQ but up 0.1% YoY.
- Dealerweb (DWSF, mainly with session-based trading) was second with 20.2% – up 0.4 points QoQ.
- BGC (mainly BGCD) had 17.7% – down 2.0 points QoQ.
- Trads (TSEF) had 16.4% – flat QoQ.
- Tulletts (mainly TPSE) had 9.0% – up 1.1 points QoQ.
- RTX (with its RFT protocol covered here) had 6.4% – up 1.44 points QoQ.
There was a 1.1-point shift to Tulletts a 1.88-point QoQ market share shift to the more electronic platforms (1.44 points to RTX and 0.44 points to Dealerweb) – all at the expense of the other three platform groups.
Given no presence in the US-reported figures for other currencies, we wonder whether or when Dealerweb or RTX will expand to other currencies.
BBSW and AONIA swaps
Chart 4: platform shares of US-reported D2D platform traded cleared BBSW and AONIA swaps (percentage of package count). Source: SDRView
Chart 4 illustrates the month-by-month platform shares of the combined 6,980 BBSW and AONIA swap packages executed on D2D platforms in Q3 2026 as noted under Chart 1.
Calculating quarter-by-quarter by platform group gives Q3 2026 market shares:
- Tulletts (mainly TPSE) dominated with 93.3% – up 13.2 points QoQ.
- BGC (mainly BGCD) was second with 5.1% – up 0.5 points QoQ but down 1.6 points YoY.
- Trads (TSEF) slipped behind BGC to third place with 1.2% – down 13.9 points QoQ.
- ICAP (IMRD) had 0.34% – up 0.2 points QoQ but down 0.2 points YoY.
There was a 13.2-point QoQ market share shift from Trads to Tulletts.
SONIA swaps
Chart 5: platform shares of US-reported D2D platform traded cleared GBP SONIA swap (percentage of package count). Source: SDRView
Chart 5 illustrates the month-by-month platform shares of the 3,170 SONIA swap packages executed on D2D platforms in Q3 2026 as noted under Chart 1.
Calculating quarter-by-quarter by platform group gives Q3 2026 market shares:
- ICAP (mainly IMRD) led with 54.6% – down 4.5 points QoQ but up 3.4 points YoY.
- BGC (mainly BGCO, BGCD, and GFSO) had 25.4% – up 2.0 points QoQ but down 5.3 points YoY.
- Tulletts (TPSE and TCDS) had 16.5% – up 3.6 points QoQ and up 0.5 points YoY.
- Trads (TSEF) had 3.4% – down 1.1 points QoQ but up 1.4 points YoY.
There was a 5.6-point QoQ market share shift from ICAP and Trads to Tulletts and BGC.
TONA swaps
Here we ignore about 20 TIBOR swaps reported in Q3 (though intriguingly there were no D2D platform TIBOR swaps in the prior four quarters).
Chart 6: platform shares of US-reported D2D platform traded cleared JPY TONA swap (percentage of package count). Source: SDRView
Chart 6 illustrates the month-by-month platform shares of the 2,050 TONA swap packages executed on D2D platforms in Q3 2026 as noted under Chart 1.
Calculating quarter-by-quarter by platform group gives Q3 2026 market shares:
- Tulletts (mainly from TPSE) led with 42.6% – up 2.1 points QoQ.
- Trads (TSEF) had 32.7% – down 5.0 points QoQ.
- BGC (mainly from BGCD) had 24.2% – up 2.7 points QoQ.
- ICAP (IMRD) had 0.5% – up 0.2 points QoQ.
There was a 5.0-point QoQ market share shift from Trads mainly to Tulletts and BGC, continuing the trend over the period of Chart 6.
CORRA swaps
Chart 7: platform shares of US-reported D2D platform traded cleared CAD CORRA swap (percentage of package count). Source: SDRView
Chart 7 illustrates the month-by-month platform shares of the 1,870 CORRA swap packages executed on D2D platforms in Q3 2026 as noted under Chart 1.
Calculating quarter-by-quarter by platform group gives Q3 2026 market shares:
- Tulletts (TPSE) led with 64.4% – down 5.2 points QoQ.
- Trads (TSEF) had 18.3% – up 1.4 points QoQ.
- BGC (BGCD) had 17.3% – up 4.0 points QoQ.
- ICAP (IMRD) had 0.0% – after showing their first volume in Q2 since before Q2 2025.
There was a 5.2-point QoQ market share shift from Tulletts to Trads and BGC.
Overall share of major currencies
For those looking for market share of all major currencies, here is a further chart.
Chart 8: platform shares of US-reported D2D platform traded cleared OIS and fixed-float IRS in major currencies (percentage of package count). Source: SDRView
Chart 8 illustrates the month-by-month platform shares of the 59,630 cleared OIS and fixed-float IRS packages in Q3 2026 noted in Chart 1.
Calculating quarter-by-quarter by platform group gives Q3 2026 market shares:
- Tulletts led with 46.0% – up 4.1 points QoQ mainly from share increases in EUR, AUD, and GBP.
- BGC had 23.4% – down 2.2 points QoQ mainly from share decreases in EUR and USD offset by gains in other currencies.
- Trads had 13.0% – down 1.8 points QoQ mainly from share decreases in AUD and JPY.
- ICAP had 11.1% – down 0.5 points QoQ from small share decreases in most currencies.
- Dealerweb had 5.0% – up 0.11 points QoQ from gains in USD (its only major currency).
- RTX had 1.6% – up 0.36 points QoQ from gains in USD (its only major currency).
Overall, Tulletts, Dealerweb and RTX gained 4.5% in market share of major currency rates swaps from BGC, Trads, and ICAP.
That’s it
We used eight charts to cover D2D platform market shares of major currency rates swaps. Recap the key takeaways by going back to the top.
Watch this space for quarterly coverage of this topic going forward.
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