Q1 2026 cross-currency swap volumes and market shares
This blog reviews Q1 2026 cross-currency swap volumes and platform market shares, following on from our recent blog on a similar theme for the whole of 2025. We focus on US-reported cross-currency basis swaps in USD versus the five other major currencies. We use SDRView to aggregate volumes, DV01, and trade count by month and quarter. Key takeaways […]
Q1 2026 shares of D2D platform core rates swaps
This blog covers D2D platform shares of core rates swaps in G6 currencies in Q1 2026. Key takeaways Read on for further analysis and explanation. All the charts and statistics in this blog were sourced from SDRView. Background We focus on the core rates swap products: cleared OIS and fixed-float IRS, of which at least […]
Swaption volumes by strike – Q4 2025
This post continues our quarterly strikes analysis of USD swaptions, which are typically 50 percent or more of swaptions volumes in all currencies. If you are new to swaptions, some basics are outlined at the start of the earlier Q1 blog. You may also wish to keep open on the side our recent blog on […]
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 major currency rates ETD – 2025 update
In a recent blog, we looked at the adoption of risk-free rates (RFRs) in cleared rates swaps. Now we explore the same topic for rates exchange traded derivatives (ETDs). What do rates ETD volumes over time tell us about the status of RFR transition? Key takeaways Read on for the charts and data created in […]
2025 SDR-reported IR compression
This blog expands to the whole of 2025 the blog we published last September covering H1 2025 SDR-reported IR compression. Key takeaways For 2025 as a whole: Background SDR-reported IR compression volumes include SEF compression and bilateral compression but exclude the following: As well as the prior blog linked above, further background on SDR-reported IR […]
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 swaption volumes and market shares
This blog reviews 2025 full-year swaption volumes, their split between on- and off-platform, and the market shares of platform groups. We focus on the swaptions in the top four (G4) currencies using SDRView to aggregate volumes and trade count. Key takeaways For G4 swaptions in 2025 compared with 2023: Read on for the charts and […]
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 […]