US-reported rates swaps compression: up 43% YoY
This blog looks at Q1 2026 volumes of US-reported compression of cleared “core” rate swaps (meaning OIS, fixed float IRS, and basis swaps). Key takeaways Scope and background This blog continues our coverage of US-reported rates swap compression volumes after 2025 SDR-reported IR compression and before that H1 2025 SDR-reported IR compression and 2024 US […]
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 […]
US firms powered March 2026 iTraxx swaps volume growth
This blog covers credit derivatives (CRD) trading volumes in March 2026, both at CCPs and as reported in the US. We sourced the charts and statistics from CCPView, SDRView and SBSDRView. Key takeaways Notes on CRD volumes We focus on the months of March and September because the standardized CRD maturity dates on the two months’ […]
How concentrated are swap clearing brokers?
This blog gives an update on swap clearing broker concentration risk and asks whether the recent increase in the number of swap FCMs heralds an improvement. Key takeaways At the end of Q1 2025: Introduction Whilst client-cleared financial futures have been around a lot longer, client-cleared swaps started at LCH SwapClear in December 2009, about […]
Q1 2026 equity TRS volumes: USD up 96%, CNY up 146%
This blog reviews Q1 2026 US SBSDR-reported OTC equity derivatives volumes – focusing on total return swaps (TRS) on the top five currencies – USD, EUR, JPY, GBP, CNY – which were 88 percent of the volume. Key takeaways Q1 2026 total SBSDR-reported notional volumes of equity TRS were as follows: I am interested in […]
Q1 2026 USD swaption volumes – up 14 percent YoY
This post continues our quarterly strikes analysis of USD swaptions, which are typically 50 percent or more of swaptions volumes in all currencies. We use SDRView data, which captures OTC derivatives trades reported by US financial firms to US SDRs. Key takeaways Swap market context If you are new to swaptions, some basics are outlined at the […]
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 […]