Our monthly report reviews 20 charts showing the main metrics for total liquidity for interest rate and overnight indexed swaps, and for those same categories by tenor. The report includes graphs on monthly trading volumes and trade counts. Analysis breaks down via currencies, such as Euribor and ESTR (euro short-term rates), and GBP LIBOR (London Inter-bank Offered Rate) and SONIA (Sterling Over Night Indexed Average). There’s also coverage on rates with respect to the dollar and yen. We note for May that EURIBOR swaps trading volumes remaining stable. SONIA volumes are now well above GBP LIBOR swaps trading across all tenors, including the short-end of the curve. The ratio of USD OIS to USD LIBOR trading remained the same.