10 CCP Policy Proposals to make markets better

TLDR; For anyone interested in the BCBS paper/consultation on “Transparency and responsiveness of initial margin in centrally cleared markets – review and policy proposals” (and with a title like that who wouldn’t be interested in it?!) I will try to summarise the 64 pages in 1,200-odd words. Some of the thoughts that I have on the proposals may be […]

1Q24 CCP Volumes and Share in IRD

This is an article about CCP volumes and market share in the IRD. It discusses volumes for major currencies and regions. It also details CCP market share. USD OIS swaps are the highest on record. EUR OIS volumes are also at a record high. The combined EUR IRS and OIS volume is almost equal to the USD OIS volume. AUD swaps are down from a year earlier. CCP market share is dominated by LCH with some exceptions.

What’s New in CCP Disclosures – 4Q23?

Clearing Houses have published their latest CPMI-IOSCO Quantitative Disclosures: Background Under the CPMI-IOSCO Public Quantitative Disclosures, CCPs publish over two hundred quantitative data fields covering margin, default resources, credit risk, collateral, liquidity risk, back-testing and more. CCPView has over 8 years of these quarterly disclosures for 44 Clearing Houses, each with multiple Clearing Services, covering the period from 30 Sep […]

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 […]

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 […]

3Q23 CCP Volumes and Share in IRD

Clarus CCPView has daily volume and open interest data published by each CCP, which is filtered, normalised and aggregated to allow meaningful comparisons of volumes. Today we look at 3Q23 volume and market share in IRD for: Onto the charts, data and details. Volumes and Market Share For major currencies and regions, vanilla swaps referencing IBORs and OIS […]

3Q23 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 3Q 2023. All the charts and detail from CCPView. Credit Derivatives Volume USD CDX, CDS and Swaptions Overall volumes in 2023Q3 at $3.35 trillion as compared to $3.75 trillion in 2022Q3. Market Share of USD CDX The […]

Central Clearing of US Treasuries

I published an article on the ION Markets Blog, please read at Central Clearing of US Treasuries. It highlights a recent DTCC White Paper on Assessing a Potential Expansion of U.S. Treasury Central Clearing, which includes findings from a survey.