Finally, our indicators also confirm a relatively high degree of integration for the repo market. The EUREPO index was launched in March 2002, and since then, the euro area cross-country standard deviation of the one-month EUREPO rates has been around, and normally below, one basis point. The indicator for the 12-month maturity shows a standard deviation of around, and normally below, two basis points.
The decisive role of the euro in enhancing financial market integration is also visible in the interest rate derivatives markets. The total of euro interest rate OTC derivatives contracts reaches a daily turnover of around EUR 380 billion, and is thereby larger than the US dollar segment (a daily turnover of around EUR 290 billion).