Monthly volume for SOFR and ESTR: March
Monthly review of ESTR and SOFR volumes. Decent progress in ESTR, no progress in SOFR (opposite of last month). The ESTR swap volume over the month has jumped from 250 billions to 557 billions (USD equivalent). The SOFR volume is is slight decrease in March with respect to February. The monthly volume has decrease down to 1181 billions from 1310 billions. The ISDA figures (based on US regulatory reporting) are also stable. SOFR volumne is less than 2% of LIBOR volume.