2018 CCP Market Share Statistics

In this article I look at 2018 CCP market share for OTC Derivatives in Credit, FX and Interest Rates, in the same format as I used for my 2017 CCP market share statistics article.

Clarus CCPView has daily volume data published by each CCP, which is filtered, normalised and aggregated to allow meaningful comparison of market share statistics and I have used this to produce all the statistics below.

Summary of 2018 market share:

  • IRD
    • LCH SwapClear has >98% share in CAD, EUR, GBP and EMEA
    • LCH SwapClear has 91.5% share in USD and 88% in AUD
    • JSCC has 56% share in JPY, while LCH SwapClear has 44%
    • ASX has 11.6% share in AUD
    • CME has >98% in LatAm and 8.5% in USD
    • LCH SwapClear has 70% in AsiaPac
  • CRD
    • ICE Clear Credit has > 90% in USD CDX and USD CDS
    • ICE Clear Credit has 62% in EUR iTraxx
    • ICE Clear Europe has 48% in EUR CDS
    • LCH CDSClear has 23% of EUR CDS and 8.5% of EUR iTraxx
    • JSCC has 100% in JPY iTraxx and CDS
  • FXD
    • LCH ForexClear has >97% in NDF
    • HKEx has 100% of XCCY Swaps
    • LCH ForexClear has 100% of FXO

Onto the charts, data and details.

IRD Market Share

Lets look at Swaps market share for major currencies and EM regions and including all the subtypes; IRSOIS, Basis, ZC, VNS.

USD Swaps

Cleared USD Swaps Market Share

LCH SwapClear with 91.5% share in 2018 and CME with 8.5%, exactly the same as 2017.

EUR Swaps

Cleared EUR Swaps Market Share

LCH SwapClear with 98.7% share in 2018, up from 98.4% in 2017, Eurex with 1.1% share, up from 0.8% and CME with 0.2%, down from 0.8%, while BME < 0.1%.

Eurex showing a pick later in the year, with monthly market share in Oct, Nov, Dec of 1.2%, 2%, 1.3% respectively.

JPY Swaps

Cleared JPY Swaps Market Share

JSCC with 55.7% in 2018, up from 53.5% and LCH SwapClear with 44.1%, down from 46.1%, with JSCC higher in 11 out of 12 months and LCH higher in 1 out of 12 months, while CME has 0.2%, down from 0.4%.

AUD Swaps

Cleared AUD Swaps Market Share

LCH SwapClear with 88.3% share in 2018, up from 86.2% in 2017, ASX with 11.6% share, down from 13.6% and CME with 0.1%.

CAD and GBP Swaps

In CAD and GBP, LCH SwapClear has > 99%, so will dispense with the charts.

LatAm Swaps

Cleared LatAm Swaps Market Share

CME with 98.6% share in 2018, up from 98.3% in 2017, LCH SwapClear with 0.8% up from 0.6% and Asigna/Mexder with 0.7% down from 1.2%.

AsiaPac Swaps

Cleared AsiaPac Swap Market Share

LCH SwapClear with 70.2% share in 2018, up from 65.6% in 2017, Shanghai with 27.1%, down from 31.4% (CNY), CME with 1.2%, up from 0.9%, CCIL with 0.7% up from 0.6%, SGX with 0.6% down from 1.2% (and has exited Swaps Clearing), HKEx with 0.2%.

EMEA Swaps

LCH SwapClear with 97.1% share in 2018, up from 96.3%, CME with 1.3% share, down from 1.4%, Nasdaq OMX with 1%, down from 1.6%, KDPW with 0.4%, up from 0.3% and Eurex with 0.2%, down from 0.4%.

CRD Market Share

Next turning to Credit markets and CDX and CDS.

USD CDX

Cleared USD CDX Market Share

ICE Clear Credit with 97.9% share in 2018, up from 93.4% in 2017, ICE Clear Europe with 1.2%, LCH CDSClear <0.1% and CME has exited this product.

USD CDS

Cleared USD CDS Market Share

ICE Clear Credit with 93.4% share in 2018 up from 92% in 2017 and ICE Clear Europe with 6.6% share, down from 8%.

EUR iTraxx

Cleared EUR iTraxx Market Share

ICE Clear Credit with 62.6% in 2018, up from 61.2% in 2017, ICE Clear Europe with 28.9% down from 29.2% and LCH CDSClear with 8.5% down from 9.5%.

Swaptions on ITraxx are cleared at LCH CDSClear, but low volumes, so one to keep an eye on in 2019.

EUR CDS

Cleared EUR CDS Market Share

Much more variability in monthly market share with ICE Clear Europe with 47.7% share in 2018, down from 59.4% in 2017, ICE Clear Credit with 29.5% up from 19.7% and LCH CDS Clear with 22.9% up from 20.9%.

JPY iTraxx and CDS

In JPY, 100% of the volume is at JSCC, so we will dispense with the charts.

FXD Market Share

Next Non-Deliverable Forwards.

Cleared NDF Market Share

LCH ForexClear with 97.2% share in 2018, up from 95.7% in 2017 and Comder with 2.8%, down from 4.3%.

Cross currency swaps averaged close to $ 2 billion a month at HKEx, the only CCP with any volume, the majority in CNH and the rest in HKD.

FX Options cleared volume averaged $2.6 billion a month in the last 3 quarter of 2018, all at LCH ForexClear.

Both ones to keep an eye on in 2019.

If you would like more details on any of the above products/ccys.

Please contact us for a CCPView demo or trial.

That’s it for today.

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2 thoughts on “2018 CCP Market Share Statistics

  1. Updated AUD Swaps chart as ASX volumes for Feb-18 were missing, resulting in an increase in market share for ASX in AUD Swaps and a decrease for LCH SwapClear, new figures updated in the summary and AUD section.

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