How much margin? The 2024 edition
This blog covers the 2024 edition of the “ISDA Year-End Margin Survey”, published on 14 May 2025, which covers over-the-counter (OTC) derivatives uncleared initial margin (IM) and variation margin (VM) for all asset classes, and cleared IM for interest rate derivatives (IRD) and credit derivatives (CRD) only. We combine the ISDA survey data with more […]
Q1 2025 CCP volumes and share in CRD and FXD
This blog reviews the volumes and central counterparty (CCP) market share of cleared credit derivatives (CRD) and FX derivatives (FXD) in Q1 2025. Comparing Q1 2025 with Q1 2024, we see 44 percent overall volume increases in cleared CRD – index, single-name, and swaptions. Comparing Q1 2025 with Q1 2024, we see 31 percent overall volume […]
What’s new in AUD swaps in 2025?
This blog looks at another year of AUD swaps activity, continuing from the blog with a similar title published at about the same time last year. Should you want more information on AUD swaps, the blog linked above contains links to several other blogs on the topic. AUD market total size First, we extend the […]
Most active names in Credit Derivatives – April 2025
After about a year since our last blog on this topic, it is high time for another look at the most active names in CDS, using data reported to US SEC Securities Based Data Repositories (SBSDRs). CDS on sovereigns Using SBSDRView, we can find the most active sovereign CDS trades in April 2025, starting with USD activity. Table 1 – […]
2024 SEF volumes and share in SOFR swaps
SOFR Swaps at D2D venues were usually spreadover, butterfly, curve switch or CCP switch packages. On D2C venues, spot-starting SOFR swaps were dominated by outright trades. As well as spot-starters, forward, IMM and MAC SOFR swaps also trade in significant numbers on D2C venues (unlike D2D venues). Continue reading for the charts, tables, and details. Background This post iterates, for […]
2024 CCP Volumes and Share in CRD and FXD
A review of Credit Derivatives (CRD) and FX Derivatives (FXD) volumes and market share at Clearing Houses (CCPs) in 2024. For CRD – index, single-name and swaptions: For FXD – NDF, options, forwards and spot: All the charts and detail from CCPView. Credit Derivatives Volume First, we look at USD CDX, single-name CDS and Swaptions. Chart 1 – […]
2024 US SDR-Reported IR Compression
Key takeaways: Data background For 8+ years, SDRView data has included the package type field to allow compression to be broken out from outright and other package types. In late 2022 we used the CFTC reporting upgrade to immediately add platform id which allows platforms’ compression market share to be analyzed. Platform id values consist […]
2025Q1 CCP volumes and share in IRD
Clarus CCPView has daily volume and open interest data published by each CCP, which is filtered, normalized, and aggregated to allow meaningful volume comparisons. Today, we look at 2025Q1 CCP volumes and market share in IRD for: Onto the charts, data, and details. Volumes and market share For major currencies and regions, vanilla swaps referencing IBORs and OIS Swaps referencing RFRs, using […]
The European Active Account Requirements Revisited
With a huge Thank You to Eurex, I have to admit that I messed up on a recent blog post. It happens – we work to tight deadlines and cover complex topics. Still, I hold myself to a high standard and it really hurts when mistakes creep in. What Did I Get Wrong? On the […]
2024 CCP Volumes and Share in IRD
2024 volumes and market share for OTC Derivatives in Interest Rates reported by Clearing Houses. Clarus CCPView has daily volume and open interest data published by each CCP, which is filtered, normalised and aggregated to allow meaningful comparisons. Contents: Onto the charts, data, and details. Volumes and Market Share For major currencies and regions, vanilla swaps referencing IBORs and OIS […]