Trading of interest-rate swaps on new derivatives platforms created under Dodd-Frank hit its highest level since the introduction of new US rules in May, with Icap’s London-based venue now leading the way in market share.

Data from the Futures Industry Association shows that $34 trillion worth of interest-rate swaps have been traded via the venues, known as swap execution facilities, since the start of this year. The value of interest-rate swap trades reached just under $2 trillion in week beginning May 12, the highest weekly value since the introduction of rules in February that obligated the use of SEFs for certain types of swaps.