Contents

A major portion of interest rate derivatives, in particular interest rate swaps, is traded over the counter (OTC). This reports provides an overview of pre-trade and post-trade transparency in OTC interest rate derivatives markets. Focusing on the interest rate swap market, we pro-vide an inventory of existing forms of pre-trade and post-trade trans-parency in this market, discuss whether there is a need for increased transparency in this market, how such an increase in transparency may be achieved and to whom the costs and benefits would incur.