This blog looks at the market shares of customer segregated margin (customer seg) of US-regulated derivatives clearing brokers (FCMs) at the end of Q2 2026. Key takeaways At the end of Q2 2026, the biggest year-on-year (YoY) market share changes were as follows. Clearing broker market shares Derivatives client clearing brokers make most of their […]

This blog is the Q2 2026 edition of our regular blog on US-reported rates swaps compression. Key takeaways Scope and data context As it was for the prior blog, our scope is US-reported compression of cleared “core” rates swaps, which we define to include OIS, fixed float IRS, and basis swaps and therefore excludes FRAs, […]

This blog reviews Q2 2026 US-reported swaption volumes and D2D platform market shares – following the Q1 edition of this series. Key takeaways After a Q1 record of $8.10 trillion, G4 currency swaptions US-reported activity returned to 2025-like levels in Q2 of $5.74 trillion “package notional” – down 5.6% year-on-year (YoY) and down 29% quarter-on-quarter […]

This blog covers volumes of activity resulting from D2D platform reset runs a.k.a. multilateral reset optimization (MRO) for Q2 2026. Key takeaways In Q2 2026, Tradition (Trads) MRO took 15% of D2D platform reset-hedging activity in currencies where MROs operate. The marked uptick in MRO competition between D2D platforms prompts more frequent future posts on the topic. […]