# Examining The Cleared OTC FX Options Market

One of the better known / worst kept secrets in the OTC markets these days is that the largest clearing houses are planning to clear FX Options. Details on this are very thin.  LCH have made a couple announcements over the years with respect to clearing options, and if you look hard enough on the […]

# NDF Trading After 1st March

Open Interest of NDFs has set new records recently. Volumes have continued to be elevated compared to 2016. We have not seen a significant change in behaviour since the 1st March VM big bang. Overall, we estimate 15% of the entire market is now cleared. Up to 35% of D2D volumes are being cleared during any […]

# NDF Volumes – It’s all about Clearing

Cleared volumes are now a significant portion of the NDF market. The percentage of the NDF market that is cleared has steadily increased every month since September, to now stand at 14%. We estimate that 35% of Dealer-to-Dealer volumes are now cleared as a consequence of the Uncleared Margin Rules. A Brief Recap Our SDRView data products display trades […]

# BRL NDF Market – 30% of Dealer to Dealer flow is now cleared

We look at the USDBRL market in the latest in a series of NDF blogs Clarus data covers over 66% of the market on a trade-by-trade basis For the Dealer-to-Dealer market alone, our coverage increases to 73% Our data shows that clearing has increased from 6% to 31% of dealer-to-dealer flows. Bringing Old Blogs Up To […]

# BIS 2016 FX Data – how much of the NDF market is Cleared?

We look at the FX data within the BIS triennial survey And show the evolution of NDF clearing since the UMRs came into force in September 10% of the market is currently being cleared, up from just 2% in April A background to NDF Data This blog will tie together a couple of themes from my recent blogs covering BIS […]

# BREXIT: What do the FX Option volumes tell us?

Regular readers may recall that we looked at the break of the SNB’s EUR/CHF cap back in January 2015 in this blog. “Francaggedon” was a unique event without any pre-warning, and yet we were still able to see evidence in the data of fortuitous/lucky/profitable trading strategies in fairly decent size. Now that the “Brexit” referendum […]