This blog expands to the whole of 2025 the blog we published last September covering H1 2025 SDR-reported IR compression. Key takeaways For 2025 as a whole: Background SDR-reported IR compression volumes include SEF compression and bilateral compression but exclude the following: As well as the prior blog linked above, further background on SDR-reported IR […]

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 […]