2025 CCP Volumes and Share in IRD
This blog reviews 2025 volumes and market share of interest rate OTC derivatives reported by clearinghouses (CCPs). We focus on “core swaps” including cleared IRS, OIS, and basis swaps, using CCPView to filter and aggregate daily volumes and open interest data published by CCPs. Key takeaways On core swaps in 2025: Read on for the […]
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 […]
What’s new in CCP disclosures – Q3 2025?
Clearing houses published in December their latest CPMI-IOSCO Quantitative Disclosures for Q3 2025. Key takeaways On 30 September 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. CCPView has more than 8 years of these […]
Derivatives innovation: RTX and D2D execution automation
This blog looks at RTX Fintech & Research (RTX), a recent start-up interest rate swap SEF (Swap Execution Facility). Key takeaways: Read on for more details. All the charts, data, and statistics in this blog were sourced from SDRView. D2D SEF development After the 2008 Global Financial Crisis (GFC), the G20 consensus and national regulators exerted pressure […]
Q3 2025 rates ETD exchange and CCP competition
This blog looks at competition for trade volume in Q3 2025 between rates exchange-traded derivatives (ETD) exchanges and CCPs. Key takeaways: In Q3 2025, only two currency and product type combinations – EUR money-market (MM) futures and JPY MM futures – had material competition between CCPs. Read on for more details. Competition overview CCPView gives […]
Volumes and most active names in credit derivatives – September 2025
Today we look at issuer names most actively traded based on CDS trades reported to US SEC Securities Based Swap Data Repositories (SBSDRs) in September 2025. Background The prior similar blog covered credit derivatives (CRD) for July 2025. Given the CDS-market peaks naturally in March and September, we will focus on those months going forward. […]
CRD volumes at the end of Q3 2025
This blog covers the volumes, of credit derivatives (CRD) in September 2025, as submitted to us by CCPs, and as reported to US SDRs and SBSDRs. Key takeaways: A year-on-year (YoY) comparison of notional volumes between September 2025 and September 2024 shows that: All the charts, data, and statistics in this blog were sourced from CCPView and SDRView. Cleared CRD volumes First, we look at cleared CRD by currency. Chart 1: All CRD […]
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 […]
Rates IM optimization and swaption terminations
In our June blog on rates IM optimization, we used SDR-reported swaption trade volume spike days from BGC’s London-based OTF platform to spot rates Capitolis IM optimization runs. Today, we look for signs of similar services from other optimization vendors in Q2 and Q3 2025 swaption volumes. Key takeaways Background There are three main players […]
Q3 2025 CCP volumes and share in IRD
Clarus CCPView has daily volume and open interest (OI) data published by each CCP, which is filtered, normalized, and aggregated to allow meaningful volume comparisons. This blog looks at single-sided gross notional volume in vanilla cleared rates swaps referencing IBORs and RFR indexes for quarter three (Q3) 2025 and the prior four quarters in all major currencies and regions. Key takeaways: […]