Q3 2025 rates swaps CCP competition
In our quarterly blogs on cleared rates swap volumes, we review CCP market shares across all currencies. However, only a few currencies show meaningful competition between clearinghouses. This blog focuses on the competitive dynamic in those competitive currencies. Key takeaways: In Q3 2025, only four currencies – EUR, JPY, CNY, and INR had more than […]
Volumes and most active names in credit derivatives – September 2025
Today we look at issuer names most actively traded based on CDS trades reported to US SEC Securities Based Swap Data Repositories (SBSDRs) in September 2025. Background The prior similar blog covered credit derivatives (CRD) for July 2025. Given the CDS-market peaks naturally in March and September, we will focus on those months going forward. […]
IRD D2D and D2C platform shares at the end of Q3 2025
Today, we look at trading platforms’ September 2025 market shares of volumes of OTC interest rate derivatives (IRD). If you prefer, you can skip to the end for a summary of market share statistics before returning to the start to read the details. Volume context for platform market shares Throughout this blog, we look at the volumes and platform shares of SDR-reported rates OTC trades over the 15-month period from 01 July 2024 to 30 September 2025. […]
Swaption volumes by strike – Q3 2025
This post looks at USD swaptions activity in Q3 as part of our regular quarterly coverage, the most recent of which was Swaption Volumes by Strike – Q2 2024. We use SDRView data, which shows all trades reported by US financial firms to US SDRs. If you are new to swaptions, some basics are outlined […]
Derivatives innovation: SOFR futures, TONA futures, MYR swaps
Today, we look at three recent start-ups or new products introduced by derivatives exchanges and clearinghouses (CCPs). Key takeaways: All the charts, data, and statistics in this blog were sourced from CCPView. FMX rates futures FMX is a fixed income e-trading platform focused on US Treasury bonds, FX, and repo owned by BGC. Recently, FMX launched the […]
CRD volumes at the end of Q3 2025
This blog covers the volumes, of credit derivatives (CRD) in September 2025, as submitted to us by CCPs, and as reported to US SDRs and SBSDRs. Key takeaways: A year-on-year (YoY) comparison of notional volumes between September 2025 and September 2024 shows that: All the charts, data, and statistics in this blog were sourced from CCPView and SDRView. Cleared CRD volumes First, we look at cleared CRD by currency. Chart 1: All CRD […]
FX derivatives volumes at the end of Q3 2025
This blog covers the volumes of FX derivatives (FXD) in September 2025, as reported by CCPs and to US SDRs. Key takeaways: A year-on-year (YoY) comparison of volumes between September 2025 and September 2024 shows that: Analysis by product group showed that clearing rates for NDFs on deliverable pairs are aligned with those for FX […]
Rates IM optimization and swaption terminations
In our June blog on rates IM optimization, we used SDR-reported swaption trade volume spike days from BGC’s London-based OTF platform to spot rates Capitolis IM optimization runs. Today, we look for signs of similar services from other optimization vendors in Q2 and Q3 2025 swaption volumes. Key takeaways Background There are three main players […]
Q3 2025 CCP volumes and share in IRD
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 rates swaps referencing IBORs and RFR indexes for quarter three (Q3) 2025 and the prior four quarters in all major currencies and regions. Key takeaways: […]
Reset optimization: part 2 – SPS activity
In part 1 of this blog, we promised to follow up with part 2. Here it is. Key takeaways Background In Part 1, we estimated that, of the $31.1 trillion SDR-reported FRA activity in H1 2025, reset optimization-driven FRA spike days from OSTTRA’s Reset service and Tullett Prebon’s Matchbook service (formerly “tpMatch”) totaled $25.0 trillion. […]