Q1 2026 exchange/CCP shares of cleared rates derivatives
This blog is the first edition of what will become a regular quarterly blog on competition between rates derivatives exchanges and CCPs measured by market share of trade notional cleared. Key takeaways In Q1 2026, the exchanges and CCPs market shares of the more competitive cleared derivatives products were as follows. Read on for more […]
Volumes and most active names in credit derivatives – March 2026
Today we look at issuer names most actively traded based on single-name credit default swap (CDS) trades reported to US SEC Securities Based Swap Data Repositories (SBSDRs) in March 2026. This follows on from the prior similar blog covering September 2025, as we follow the natural CDS volume peaks in March and September. We rank SBSDR reported names by […]
FX derivatives volumes at the end of Q1 2026
This blog covers the volumes of FX derivatives (FXD) in Q1 2026, following on from our prior blog on Q4 2025 FXD volumes. Key takeaways Q1 2026 saw record notional volumes for all five cleared FXD products (non-deliverable FX forwards (NDFs), FX options, FX forwards, non-deliverable FX options (NDOs), and spot FX) and for SDR-reported NDFs and […]
Q1 2026 cleared rates swap volumes and CCP share
This blog covers global notional volumes and CCP market shares of core cleared rates swaps in quarter one (Q1) 2026, including OIS and fixed-float IRS for all currencies and zero-coupon swaps for BRL and CLP only. Key takeaways In Q1 2026 global notional volumes of core cleared rates swaps were US$321 trillion – up 43 […]
What’s new in CCP Disclosures — Q4 2025?
Clearinghouses published at the end of December their latest CPMI-IOSCO Quantitative Disclosures for Q4 2025. Key takeaways On 31 December 2025: Background Under the CPMI-IOSCO Public Quantitative Disclosures, central counterparties (CCPs) publish over 200 quantitative data fields covering margin, default resources, credit risk, collateral, liquidity risk, back-testing, and more. We focus on IM for cleared […]
RFR adoption in cleared rates swaps – 2025 update
Some time has passed since our last blog on the transition to risk-free rates (RFRs). Here we explore what cleared rates swap volumes tell us about the status of the RFR transition. The volumes also tell us what might be necessary for further material progress. Key takeaways Prompted purely by the volumes, these hypothetical cessations […]
2025 rates ETD exchange and CCP competition
This blog looks at competition for trade volume in Q4 2025 and for the whole of 2025 between rates exchange-traded derivatives (ETD) exchanges and CCPs. Key takeaways In 2025, only EUR money-market (MM) futures, JPY MM futures, and USD MM futures show real competition now or potential for real competition in the future. Read on […]
Derivatives innovation: Swap Connect and CNY swaps
This blog looks at Swap Connect, a service enabling offshore parties to trade and clear deliverable CNY swaps. Key takeaways Read on for Swap Connect’s market impact and the unique features of its trade acceptance approach, booking model and margin process. All the charts, data, and statistics in this blog were sourced from CCPView. CNY […]
2025 CCP Volumes and Share in IRD
This blog reviews 2025 volumes and market share of interest rate OTC derivatives reported by clearinghouses (CCPs). We focus on “core swaps” including cleared IRS, OIS, and basis swaps, using CCPView to filter and aggregate daily volumes and open interest data published by CCPs. Key takeaways On core swaps in 2025: Read on for the […]
FX derivatives volumes at the end of Q4 2025
This blog covers the volumes of FX derivatives (FXD) in December 2025, following on from our prior blog on September 2025 FXD volumes. Key takeaways Read on for more analysis and further explanation. All the charts and details in this blog were sourced from CCPView and SDRView. Cleared FXD volumes First, we look at cleared FXD […]