Bloomberg SDR is now live

Today Bloomberg went live with its Swap Data Repository. See

This means there are now four SDRs in the US; DTCC, ICE, CME and BBG. See our SEF & SDR Summary Table

However for Rates & Credit the only one that has had meaningful volume is DTCC.

That changed today (May 12) with the launch of Bloomberg SDR (BSDR), as now trades executed on the Bloomberg SEF are being sent to the Bloomberg SDR and not to DTCC.

So today in SDRView Professional we have added BSDR as a source and provided the ability to aggregate volume in DTCC and BSDR.


SDRView and BSDR

Lets take a look at what we can see for today.

May 12 - BSDR

The top left corner now has a new selection box, for which I have selected BBG.

So now this screen is only showing those trades that have been reported to BSDR and publicly disseminated.

Lets now show the same screen shot but with DTCC selected.

May 12 - DTCC


Comparing BSDR and DTCC for USD IRS

So at 1:30pm EST (18:30 LON) what can we see for vanilla spot starting USD IRS?

  1. For BSDR all the trades are On SEF, which is as we would expect given that currently only BSEF reports to BSDR.
  2. BSDR shows 136 trades with $8.5 billion notional.
  3. DTCC shows 201 trades with $15.9 billion notional.
  4. BSDR shows 5Y tenor with 43 trades with $1.7b notional, so average size is $39 million.
  5. DTCC shows 5Y tenor with 43 trades with £3.5b notional, so average size is $80 million.

This is just as we would expect given that BSEF is primarily D2C volume and DTCC is D2D. (Because clients will trade smaller size notional than the inter-dealer market).

And what about price?

Lets show an intra-day chart for 5Y, first for BSDR.

May 12 - BSDR - 5Y

And then DTCC

May 12 - DTCC - 5Y

From which we can see that:

  • The first trade on BSDR is just under 1.73
  • Prices then trended up to 1.74
  • There are 3 outliers close to 1.72 and one at 1.75
  • Then prices trended back down to 1.73
  • The first trade on DTCC is at 1.734
  • Prices then trended up to 1.74
  • There are 5 outliers below 1.72 and one above 1.76
  • Then prices trended back down to 1.73

So very similar price data.

Most likely the higher number of outliers on DTCC is due to this view including both On SEF and Off SEF trades.


Aggregating BSDR & DTCC

In addition, we can easily aggregate across both SDRs by selecting ALL in the filter.

May 12 - All


CDSIndex on BSDR

If you follow our SEFView blogs, you will know that in CDSIndex BSEF has the majority share.

So looking at this in SDRView Professional is also very interesting.

May 12 - CDS - BSDR

We could go on, but I will leave it there for you to try for yourself.

Just login to SDRView Professional.



Bloomberg SDR went live on May 12.

Bloomberg SEF now reports to BSDR and not to DTCC.

SDRView Professional now shows BSDR as well as DTCC and aggregates across these.

As BSEF/BSDR is D2C and DTCC mainly D2D, we can see how trade volumes and prices  differ in these market segments.

This is very interesting for USD IRS and CDX.NA.

There is a lot more data of interest.


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