Is Eurex Gaining Share in IRS Clearing?

Reading Philip Stafford’s recent article in the Financial Times, Deutsche Borse makes ground in UK derivatives push, I was struck by the paragraph: Seven times! Impressive, indeed. Is this the start of a ratcheting up in Eurex volumes and gain in market share vs LCH SwapClear? Lets look at what the data shows in detail. EUR […]

2017 CCP Market Share Statistics

In this article I look at 2017 CCP market share for OTC Derivatives in Credit, FX and Interest Rates. Clarus CCPView has daily volume data published by each CCP, which is filtered, normalised and aggregated to allow meaningful comparison of market share statistics. Summary: IRD LCH SwapClear has >90% share in CAD, EUR, GBP, USD and 86% […]

Bitcoin Volumes

It’s been an exciting time in crypto-currencies since my last couple Bitcoin articles last year.  As a quick recap: Bitcoin Meets OTC Derivatives – Oct 24, 2017 (Bitcoin price was $5,500) – We discussed how the infrastructure for institutional investment in this space was ready. And we took a look at implied volatility of BTC […]

CCP Disclosures 3Q 2017 – What the Data Shows

Central Counterparties recently published their latest quarterly CPMI-IOSCO Quantitative Disclosures and in this article I will highlight what the data shows, similar to my article on 2Q 2017 trends. Background Under the voluntary CPMI-IOSCO Public Quantitative Disclosures by CCPs, over two hundred quantitative data fields covering margin, default resources, credit risk, collateral, liquidity risk and […]

FSB Survey on Derivatives

The Financial Stability Board, in conjunction with the BCBS, CPMI and IOSCO have launched a broad survey about Cleared derivative markets. The survey looks at regulatory impacts to both cleared and uncleared derivative markets. The survey is split by market participant type – Dealer, FCM, CCP or Client. There are plenty of questions about the […]

How Bitcoin Futures Will Work

A couple weeks ago, we released an article about the evolving infrastructure in the OTC derivatives industry to support Bitcoin, with the conclusion that much of the plumbing was coming together for institutional sized investment.  In industry parlance, this involves swaps, SEF’s, DCO’s, custodians and liquidity providers. Futures products, probably the most readily understood derivative, […]

FCM Rankings & Concentration: Q3 2017

The latest batch of FCM data has been assembled.  Lets dig in. We start with the number of FCMs that are registered, by various metrics:   Showing us: The number of FCMs registered ticked up by 1 to a total of 64 (addition of Huatai Financial) The number of FCM’s with any client margins dropped […]

CCP Disclosures 2Q 2017 – What the Data Shows

Central Counterparties recently published their latest CPMI-IOSCO Quantitative Disclosures and in this article I will highlight what the data shows, similar to my article on 1Q 2017 trends. Background Under the voluntary CPMI-IOSCO Public Quantitative Disclosures by CCPs, over two hundred quantitative data fields covering margin, default resources, credit risk, collateral, liquidity risk and more […]

Has Swaptions Clearing Begun?

We’ve written quite a bit about swaptions clearing in our blog.  I was surprised to see that the first article was over 4 years old – back when the industry (and Gensler!) began talking about it: July 2013 – Swaptions Clearing – Why Is It Important November 2013 – Swaptions Clearing – A More Detailed […]

CME Halts CDS – Where’s The CDS Business?

Last week, CME announced it would end it’s clearing offering for Credit Default Swaps, and instead focus it’s effort on other innovations in clearing services for Interest Rate and FX, including: FX Options launched by 2017 year end Interest Rate swaps for 3 more currencies – CNY, CLP, and COP by early 2018 Further capital […]