Q3 D2D platform rates swaps: Tullett Prebon and electronic platforms gain share
This blog reviews the Q3 2026 D2D platform market share dynamics of major currency rates swaps risk-trading, continuing from the last quarterly edition. Key takeaways We sourced the charts and statistics from SDRView. Background Here we focus on D2D platforms’ bread-and-butter trading activity in cleared OIS and fixed float IRS. We exclude compressions to keep the focus on risk-trading. […]
Derivatives innovation: H1 2026 Eris swap futures exceed 10% of MAC SOFR swaps
This blog shows new volume and OI peaks and tells the story of how they reached them. Key takeaways How did swap futures develop? Swap futures were created soon after the 2008 global financial crisis. This was a period of both re-regulation and experimentation driven by G20 regulators’ consensus to standardize OTC derivatives and move […]
Q2 FCM customer seg: large US banks gave up 4+% combined YoY
This blog looks at the market shares of customer segregated margin (customer seg) of US-regulated derivatives clearing brokers (FCMs) at the end of Q2 2026. Key takeaways At the end of Q2 2026, the biggest year-on-year (YoY) market share changes were as follows. Clearing broker market shares Derivatives client clearing brokers make most of their […]
Q2 swaption volumes: BGC share down 6.1% YoY
This blog reviews Q2 2026 US-reported swaption volumes and D2D platform market shares – following the Q1 edition of this series. Key takeaways After a Q1 record of $8.10 trillion, G4 currency swaptions US-reported activity returned to 2025-like levels in Q2 of $5.74 trillion “package notional” – down 5.6% year-on-year (YoY) and down 29% quarter-on-quarter […]
Tradition’s reset runs grab 15% of D2D platform FRA/SPS
This blog covers volumes of activity resulting from D2D platform reset runs a.k.a. multilateral reset optimization (MRO) for Q2 2026. Key takeaways In Q2 2026, Tradition (Trads) MRO took 15% of D2D platform reset-hedging activity in currencies where MROs operate. The marked uptick in MRO competition between D2D platforms prompts more frequent future posts on the topic. […]
Q2 equity TRS activity powers ahead YoY – USD +134%, Chinese currencies +148%
This blog is the Q2 2026 edition of our quarterly blog on US-reported OTC equity derivatives volumes. We expand the focus from the inaugural Q1 edition to cover equities total return swaps (TRS) in the top six currencies – USD, EUR, CNY and HKD combined, JPY, and GBP – which were 91% of the Q2 […]
Rates derivatives CCP shares show mixed Q2 dynamics
This is the Q2 2026 edition of our quarterly blog on competition between rates derivatives exchanges and CCPs. It can be directly compared with the Q1 edition and is a complement to our recent Q2 blog on cleared rates swaps volumes. Key takeaways In Q2 2026, the quarter on quarter (QoQ) shifts in the CCP […]
Marginal record Q2 volumes for cleared FXD and US-reported NDFs
This blog looks at Q2 2026 volumes of FX derivatives (FXD), following the record volumes noted in Q1. Key takeaways In Q2 2026: Read on for more analysis, explanation and volume charts and statistics from CCPView and SDRView. Note on volume statistics Cleared FX OTC derivatives covered by CCPView include NDFs, FX options, FX forwards, NDOs, and spot […]
Q2 2026 cleared rates swaps: 17% below the Q1 high but up 23% YoY
This blog covers global notional volumes of cleared rates swaps in quarter two (Q2) 2026, focusing on volumes of OIS, fixed-float IRS and zero-coupon swaps with a material volumes’ share for each currency. Key takeaways In Q2 2026 global core cleared rates swaps volumes were US$262 trillion notional – up 23% YoY but down 17% from their Q1 2026 […]
Q2 cross-currency volumes drop 4.3%, while ICAP and BGC gain share
This blog reviews Q2 2026 US-reported volumes and D2D platform market shares of major currency cross-currency swaps risk-trading, continuing the quarterly series from Q1 2026 cross-currency swap volumes and market shares. Key takeaways In Q2 2026 major currency cross-currency basis swaps: Read on for deeper supporting analysis and some charts and data created in SDRView. Blog […]