Some time has passed since our last blog on the transition to risk-free rates (RFRs). Here we explore what cleared rates swap volumes tell us about the status of the RFR transition. The volumes also tell us what might be necessary for further material progress. Key takeaways Prompted purely by the volumes, these hypothetical cessations […]

This blog reviews 2025 full-year swaption volumes, their split between on- and off-platform, and the market shares of platform groups. We focus on the swaptions in the top four (G4) currencies using SDRView to aggregate volumes and trade count. Key takeaways For G4 swaptions in 2025 compared with 2023: Read on for the charts and […]

This blog looks at competition for trade volume in Q4 2025 and for the whole of 2025 between rates exchange-traded derivatives (ETD) exchanges and CCPs. Key takeaways In 2025, only EUR money-market (MM) futures, JPY MM futures, and USD MM futures show real competition now or potential for real competition in the future. Read on […]

This blog looks at Swap Connect, a service enabling offshore parties to trade and clear deliverable CNY swaps. Key takeaways Read on for Swap Connect’s market impact and the unique features of its trade acceptance approach, booking model and margin process. All the charts, data, and statistics in this blog were sourced from CCPView. CNY […]