Could “enshittification” happen in derivatives markets?

*Disclaimer – this is a tongue-in-cheek consideration of third-order risks in our markets. Hope you enjoy. For those who missed it, the FT introduced us to “enshittification” last week, and the article has no doubt made the rounds of trading floors ever since: https://www.ft.com/content/6fb1602d-a08b-4a8c-bac0-047b7d64aba5 Why are we choosing to talk about it on the Clarus […]

EUR Futures Latest – Still a 3 Way Battle

We turn our data lens back to Europe for this blog to look at how the market shares of CME, Eurex and ICE are evolving across EUR futures. Last time out, I noted that Eurex had kick-started their EURIBOR volumes. Let’s look at the data since then. Market Share in EURIBOR Futures CCPView reveals a […]

USD Rates Overview in 2024

We have previously noted that EUR Rates are now larger than USD Rates in terms of notional traded across OTC swaps (see here and here). This change has arisen because EUR has continued in a multi-rate environment – both €STR and EURIBOR swaps still trade, whilst USD has largely moved to SOFR, with Fed Funds […]

RFR Adoption Review 2023

Now seems like the right time to call an end to the regular series of blogs that we have been writing about the ISDA-Clarus RFR Adoption Indicator. Consider today’s blog your “cut-out and keep” guide to one of the biggest changes the derivatives industry has ever witnessed. A Brief History The Indicator was first published […]

Cross Currency Swaps Review 2023

According to the FT, we need a dose of optimism at the beginning of 2024. What about these statistics to provide you with an uplifting outlook for the New Year? SDRView Volumes SDRView shows the monthly volumes transacted of Cross Currency Basis swaps. These are, on the whole, the vanilla interbank type of mark-to-market cross currency swaps. […]

2023 CCP Volumes and Share in CRD and FXD

A review of Credit Derivatives (CRD) and FX Derivatives (FXD) volumes and market share at Clearing Houses (CCPs) in 2023. All the charts and detail from CCPView. Credit Derivatives Volume USD CDX, CDS and Swaptions CDX volumes at $11 trillion, representing 89% of USD volume with single-name 9% and CDXSwaptions just 1%. Market Share of USD […]

Can the UK get transparency right?

Happy New Year everyone. My New Year has started by tackling 172 pages of FCA consultation – lucky me! In Summary Context The UK rules for pre- and post-trade transparency were largely inherited from MIFID II post-Brexit. In case any of our readers are not familiar with MIFID II transparency – it doesn’t work. We […]

2023 CCP Volumes and Share in IRD

2023 volumes and market share for OTC Derivatives in Interest Rates reported by Clearing Houses. Clarus CCPView has daily volume and open interest data published by each CCP, which is filtered, normalised and aggregated to allow meaningful analysis and comparisons. Contents: Onto the charts, data and details. Volumes and Market Share For major currencies and regions, vanilla swaps referencing IBORs and […]