New data from the Bank for International Settlements has shown the lowest level of bank-to-bank trading of interest-rate derivatives for almost 20 years, offering evidence that banks have brought balance sheets under control in light of new capital and liquidity rules.

According to the latest 'Triennial Central Bank Survey' from the BIS, the value of over-the-counter interest-rate derivative trades transacted between banks stood at $816 billion in April 2013, 9% lower than the $896 billion recorded in the 2010 survey.