ESMA latest annual report on the OTC market makes for interesting reading.

The overall volume of the OTC derivative market grew 11% to 735Tn in 2018. an incredible 90% of that volume is traded OTC. Whilst we are careful not to read too much into the numbers a staggering 83% of OTC volume was traded off venue. This would indicate to us that the market is still not migrating quickly to electronic and structured mechansims for trading OTC derivatives and remains a very manually intensive business.

The European Securities and Markets Authority (ESMA) the EU’s securities regulator, today publishes its second Annual Statistical Report (Report) analysing the European Union’s (EU) derivatives markets. The Report, based on data submitted under the European Markets and Infrastructure Regulation (EMIR), provides a comprehensive market-level view of the EU’s derivatives markets in 2018, which had a total size of €735tn gross notional amount outstanding, an increase of 11% on 2017.

https://www.esma.europa.eu/press-news/esma-news/esma-values-eu-derivatives-markets-€735tn