Our monthly report reviews 10 charts showing the main metrics for rates for the euro and pound sterling. We look at the interest rate swaps and total liquidity of overnight interest swaps, along with four bond tenors for each. The report includes graphs on monthly trading volumes and trade counts. Analysis breaks down via currencies, such as Euribor and ESTR (euro short-term rates), and GBP LIBOR (London Inter-bank Offered Rate) and SONIA (Sterling Over Night Indexed Average). We note in February SONIA swap trading is accelerating, and that while ESTR volumes are down, the trend over the past months has been upward.