The International Swaps and Derivatives Association reported that global liquidity pools for interest rate swaps continue to be fragmented since the introduction of swap execution facilities in the United States in October 2013. According to ISDA, 94.3 percent of regional European interdealer volume in euro interest rate swaps was between European dealers between July and October 2014. Although this amount was reduced to 84.5 percent during December 2014, only 73.4 percent of all euro IRSs were between European dealers in the third quarter of 2013. ISDA says that only 2.9 percent of all euro IRS swaps involved a European and US dealer in August 2014, compared to 28.7 percent in September 2013 before SEFs were introduced.