Regulations Having Little Impact on Corporates' Use of Interest-Rate Derivatives

While notional trading volumes of interest-rate derivatives saw a sizeable increase globally in 2013, corporate users continue to do the bulk of their business with a narrow list of dealers. This continues a pre-reform derivatives market trend for corporate end-users. In contrast, the shift for financial end-users (i.e., asset managers and hedge funds) toward a more diverse dealer list for interest-rate derivatives has begun.