Large swings in Q2 FX IM optimization shares
We estimate Q2 2026 FX IM optimization (IMO) hedge volumes and market share, based on US-reported daily NDF volumes sourced from SDRView. Key takeaways Q2 2026 estimates indicate that: If Capitolis can overcome its late mover disadvantage, it should expect further market share gains from LSEG (London Stock Exchange Group) and OSTTRA. Background If you […]
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 […]
Derivatives innovation: FX Initial Margin Optimization, has Capitolis grabbed share?
Capitolis has launched multilateral FX initial margin optimization (IMO) runs, taking on the long-standing FX IMO services of LSEG and OSTTRA. Word of the launch came in while I was working on this update on Clarus volumes related to FX IMO. The successful entrance of new vendors always adds interesting new angles to this type […]
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 […]
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 […]
FX derivatives volumes at the end of Q3 2025
This blog covers the volumes of FX derivatives (FXD) in September 2025, as reported by CCPs and to US SDRs. Key takeaways: A year-on-year (YoY) comparison of volumes between September 2025 and September 2024 shows that: Analysis by product group showed that clearing rates for NDFs on deliverable pairs are aligned with those for FX […]
Q2 2025 CCP volumes and share in CRD and FXD
This blog reviews central counterparty (CCP) volumes and market share for cleared credit derivatives (CRD) and FX derivatives (FXD) in Q2 2025. For all-currency CRD, comparing Q2 2025 with Q2 2024, we see 45 percent volume increases, with indexes up 46 percent, single-names up 11 percent, and swaptions up 152 percent. Analyzing by currency shows that: […]
What Would a Liberation Index Look Like?
Today is meant to be Trump’s so-called “Liberation Day” with tariffs potentially being activated with some of the largest trading partners of the US. It is surely no coincidence that it is happening on April Fool’s Day. Just for the sake of it, I wondered what a “Liberation Index” might look like. What are the […]
FX Clearing 2024 – A Break Out Year For Options
FX Cleared Volumes CCPView shows that cleared OTC FX has grown substantially over the past three years: Showing that cleared OTC FX volumes surpassed $18 trillion in 2024, with notable growth trends: LCH ForexClear continued its dominance, holding over 98% market share in FX OTC clearing. FX Products FX clearing remains dominated by NDFs, although […]
Cross Currency Swaps Review 2024
Happy New Year to all of our readers! Thank you for your continued support and readership. This first blog of the year marks my 500th blog – it’s nice to start the year with a proper achievement! That is over ten years of blogs – if you want to know what I did before Clarus, […]