Derivatives trading volumes in Asia have soared over the last three years while activity has declined across Europe.

Stats from the Bank of International Settlements (BIS) show Hong Kong and Singapore have enjoyed significant increases to their global market share since 2013.

Meanwhile trading has dropped off in the UK, Germany, Italy and France.

Three years ago Hong Kong accounted for just 0.9% of overall OTC single currency interest rate derivatives trading. 

That figure is now at 3.6% and valued at $110bn daily.

Singapore’s slice of the pie has risen from 1.2% to 1.9% over the same period.

UK’s share of global activity in OTC interest rate derivatives trading fell to 39% from 50% between April 2013 and April 2016 (before Brexit), while the US saw its share rise to 41% from 23%.

The BIS calculations are based on average daily trading in April once every three years.

Overall, daily turnover in OTC interest rate derivatives averaged $2.7trn in April 2016, BIS said, up from $2.3trn in 2013 and $2.1trn in 2010.

The increase partly the result of “more comprehensive” reporting by dealers.

A weaker Euro was the major factor behind the average daily turnover of euro-denominated contracts falling to $638bn (24%) April 2016 from $1.1trn in April 2013 (49%).

Turnover of US dollar contracts rose to $1.4trn from $639bn in the same period.