Clarus CCPView has daily volume and open interest (OI) data published by each CCP, which is filtered, normalized, and aggregated to allow meaningful volume comparisons.
This blog looks at single-sided gross notional volume in vanilla cleared swaps referencing IBORs and RFR indexes for quarter two (Q2) 2025 and the prior four quarters in all major currencies and regions. This comprises:
- USD OIS (FF, SOFR).
- EUR swaps (Euribor, €STR).
- GBP OIS (SONIA).
- JPY OIS (IBOR).
- AUD swaps (BBSW, AONIA).
- CAD swaps (CDOR, CORRA).
- EMEA swaps (OIS, IRS).
- AsiaPac swaps (OIS, IRS).
- LatAm swaps (OIS, IRS, ZCS).
Read on for the charts, data, and details.
USD OIS (FF, SOFR)
Swaps referencing either Fed Funds or SOFR indices.
Chart 1: USD OIS single-sided gross notional in USD millions.
Chart 1 shows that, in Q2 2025, USD OIS totaled $62.6 trillion – up 3.0 percent quarter-on-quarter (QoQ) and 14.7 percent YoY, but down from the Q3 2024 record of $75.2 trillion.
- LCH SwapClear had $60.6 trillion – up 3.5 percent QoQ and 13.7 percent year-on-year (YoY).
- CME OTC had $1.9 trillion – down 10.6 percent QoQ and 61 percent YoY.
LCH continues to dominate while CME’s market share was 3.0 percent – down from 3.5 percent in Q1 2025, but up from 2.2 percent in Q2 2024.
EUR IRS (Euribor)
Chart 2: EUR IRS single-sided gross notional in EUR millions.
Chart 2 shows that, in Q2 2025, EUR Euribor IRS totaled €17.5 trillion (the second highest ever quarter) – down 12.5 percent QoQ from the record €20.0 trillion in Q1 2025, but up 6.0 percent YoY.
- LCH SwapClear had €16.15 trillion – down 13 percent QoQ, but up 3.7 percent YoY.
- Eurex had €1.35 trillion – down 2.7 percent QoQ, but up 46 percent YoY.
LCH continues to dominate with Eurex increasing its market share to 7.7 percent – up from 6.9 percent in Q1 2025 and 5.6 percent in Q2 2024. Note: key parts of the ESMA Active Account Requirement went live
EUR OIS (€STR)
Chart 3: EUR OIS single-sided gross notional in EUR millions.
Chart 3 shows that, in Q2 2025, EUR €STR OIS totaled €40.9 trillion – down 18.8 percent QoQ from the record €50.3 trillion in Q1 2025, but up 9.9 percent YoY.
- LCH SwapClear had €39.7 trillion – down 19.4 percent QoQ, but up 8.3 percent YoY.
- Eurex had €1.22 trillion – up 9.5 percent QoQ and 112 percent YoY.
LCH continues to dominate but Eurex increased its market share to 3.0 percent – up from 2.2 percent in Q1 2025 and 1.6 percent in Q2 2024.
The combined Q2 2025 EUR IRS and OIS volume of €58.4 trillion, at an FX rate of 1.172, is equivalent to $68.4 trillion, exceeding the USD OIS volume of $62.6 trillion.
Note that 24 June 2025 was a key live date for the European Active Account Requirement, which may have already influenced some participants’ EUR OIS and IRS CCP choices, even ahead of that live date. We expect to blog soon on this effect, at minimum in the Q3 2025 edition of this blog.
GBP OIS (SONIA)
Chart 4: GBP OIS single-sided gross notional in GBP millions.
Chart 4 shows that, in Q2 2025, GBP SONIA OIS totaled £24.8 trillion – down 11.6 percent QoQ from the record £28.1 trillion in Q1 2025, but up 14.7 percent YoY.
LCH SwapClear had a 99.99 percent share.
At an FX rate of 1.359, that £24.8 trillion is equivalent to $33.7 trillion.
JPY OIS (TONA)
Note: we exclude the sustained small volume of JPY DTIBOR or ZTIBOR IRS – less than 0.2 percent of JPY swaps volume.
Chart 5: JPY OIS single-sided gross notional in JPY millions.
Chart 5 shows that, in Q2 2025, JPY TONA OIS totaled ¥2,359 trillion – down 13.9 percent QoQ from the record ¥2,738 trillion in Q1 2025, but up 41 percent YoY.
- JSCC had ¥1,249 trillion – down 7.0 percent QoQ, but up 28 percent YoY.
- LCH SwapClear had ¥1,109 trillion – down 20 percent QoQ, but up 60 percent YoY.
CCP market share was JSCC 53 percent and LCH at 47 percent – compared to JSCC 49 to LCH 51 in Q1 2025 and JSCC 59 to LCH 42 in Q2 2024.
At an FX rate of 146.2, the ¥2,359 trillion is equivalent to $16.1 trillion.
AUD swaps (BBSW, AONIA)
Here we combine IRS (BBSW) and OIS (AONIA).
Chart 6: AUD IRS and OIS single-sided gross notional in AUD millions.
Chart 6 shows that, in Q2 2025, AUD IRS and OIS totaled A$18.4 trillion – down 7.5 percent QoQ from the record A$19.9 trillion in Q1 2025, but up 19.1 percent YoY.
- LCH SwapClear had A$17.1 trillion – down 9.9 percent QoQ, but up 16 percent YoY.
- ASX had A$1.29 trillion – up 42 percent QoQ and 84 percent YoY.
CCP market shares were LCH 93.0 and ASX 7.0 percent – compared to 95.4 to 4.6 in Q1 2025 and the same 95.4 to 4.6 in Q2 2024.
At an FX rate of 1.524, the A$18.4 trillion is equivalent to $12.1 trillion.
CAD swaps (CDOR, CORRA)
Here we combine IRS (CDOR) and OIS (CORRA).
Chart 7: CAD IRS and OIS single-sided gross notional in CAD millions.
Chart 7 shows that, in Q2 2025, CAD IRS and OIS totaled C$7.27 trillion – down 8.9 percent QoQ from the record C$7.99 trillion in Q1 2025, but up 28.7 percent YoY.
LCH SwapClear had 99.96 percent of the volume.
This five-quarter analysis will be 100 percent CORRA OIS in the next edition of this blog, as CDOR ceased publication and trading at the end of Q2 2024.
At an FX rate of 1.368, the C$7.27 trillion is equivalent to $5.31 trillion.
EMEA swaps (OIS, IRS)
Now let us switch to volumes of EMEA swaps (OIS and IRS) by currency (excluding EUR and GBP).
Chart 8: EMEA swaps single-sided gross notional in USD millions.
Chart 8 shows that, in Q2 2025, EMEA currency IRS and OIS totaled $6.74 trillion, a record quarter – up 4.7 percent QoQ and up 33 percent YoY from $5.08 trillion in Q2 2024. Volumes were up in all currencies from a year earlier, except for CZK.
- ZAR was the largest currency at $1.89 trillion – up 8.1 percent YoY, but down 14.8 percent QoQ.
- CHF was next largest at $1.65 trillion – up 63 percent YoY.
- SEK had $811 billion – up 17 percent YoY.
- NOK had $685 billion – up 50 percent YoY.
- PLN had $545 billion – up 51 percent YoY.
- ILS had $444 billion – up 128 percent YoY.
- CZK had $406 billion – down 3.4 percent YoY.
- HUF had $241 billion – up 71 percent YoY.
- DKK had $70 billion – up 34 percent YoY.
CCP market shares saw LCH take more than 99 percent in each currency except for the following, where CME improved its share.
- CZK was split LCH 96.4 percent and CME 3.6 percent – up from 1.4 percent QoQ.
- PLN was split LCH 95 percent, KDPW 1.7 percent, and CME 3.3 percent – up from 1.0 percent QoQ.
- HUF was split LCH 95.15 percent and CME 4.85 percent – up from 1.08 percent QoQ.
AsiaPac swaps (OIS, IRS)
Now let us switch to volumes of AsiaPac swaps (OIS, IRS) by currency (excluding JPY and AUD).
Chart 9: APAC swaps single-sided gross notional in USD millions.
Chart 9 shows that, in Q2 2025, APAC currency IRS and OIS totaled $8.65 trillion, a record quarter – up 4.7 percent QoQ and up 24 percent YoY from $6.95 trillion in Q2 2024. Volumes were up YoY in all currencies, with increases over 40 percent in CNY, SGD, THB, and TWD. For the first quarter, MYR swaps were cleared.
- CNY was the largest at $2.57 trillion in Q2 2025 – up 49 percent YoY, but down 11.7 percent QoQ.
- NZD came next at $2.25 trillion – up 1.0 percent YoY.
- INR had $946 billion – up 14.3 percent YoY, but down 14.4 percent QoQ.
- SGD had $803 billion – up 52 percent YoY.
- KRW had $774 billion – up 0.5 percent YoY.
- HKD had $581 billion – up 30 percent YoY.
- THB had $418 billion – up 48 percent YoY, but down 10.2 percent QoQ.
- TWD had $218 billion – up 63 percent YoY.
- MYR had $81 billion – the first quarter’s volume from the MYR swap launch at LCH SwapClear.
Calculating Q2 2025 market share by CCP, LCH had 100 percent in every currency except the following.
- CNY split Shanghai 70.2 percent – up from 60.4 percent QoQ, and LCH 29.8 percent.
- INR split LCH 69.0 percent – up from 67.2 percent QoQ, and CCIL 31.0 percent.
- HKD split LCH 99.7 percent – flat QoQ, and HKEX 0.3 percent.
LatAm swaps (OIS, IRS, ZCS)
Next, let us look at volumes of LatAm swaps by currency. Note: the bulk of BRL and CLP are reported as zero coupon swaps (ZCS) by CME while LCH reports only IRS. For more information on BRL swaps, see our prior blog.
Chart 10: LatAm swaps single-sided gross notional in USD millions.
Chart 10 shows that, in Q2 2025, LatAm swaps totaled $3.52 trillion – up 0.6 percent QoQ, but down 26.2 percent YoY from $4.77 trillion in Q2 2024. YoY, the three largest currencies decreased, while COP increased.
- MXN was the largest with $1.82 trillion – down 15.6 percent YoY.
- BRL came next with $835 billion – down 46 percent YoY.
- CLP had $646 billion – down 26 percent YoY.
- COP had $219 billion – up 7.4 percent YoY.
Calculating Q2 2025 market share by CCP for MXN, CME took 74.5 percent – down from 88.1 percent QoQ, Asigna/Mexder had 23.7 percent – up from 9.1 percent, and LCH saw 1.8 percent – down from 2.8 percent. In the other three currencies, CME had more than 96 percent.
That’s it
The 10 charts included in this blog gave us a global overview of vanilla cleared OTC IRD by quarter, CCP, currency, and product type.
The volumes in CCPView cover many more cleared instruments, metrics, and analysis parameters.
- Cleared instruments also include interest rate futures and options, other asset class futures and options, and cash US Treasuries.
- Volume metrics also include new trade count / DV01 / average daily volume (ADV), open interest (OI), OI change, and notional unwound/matured.
- Analysis parameters also include date / week / month / year, exchange, product subtype, tenor, and activity type (D2C or D2D trade).
For more details, please contact us for a CCPView demonstration.