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 […]
Tradition’s reset runs grab 15% of D2D platform FRA/SPS
This blog covers volumes of activity resulting from D2D platform reset runs a.k.a. multilateral reset optimization (MRO) for Q2 2026. Key takeaways In Q2 2026, Tradition (Trads) MRO took 15% of D2D platform reset-hedging activity in currencies where MROs operate. The marked uptick in MRO competition between D2D platforms prompts more frequent future posts on the topic. […]
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 […]
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 […]
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 […]
Reset optimization: part 2 – SPS activity
In part 1 of this blog, we promised to follow up with part 2. Here it is. Key takeaways Background In Part 1, we estimated that, of the $31.1 trillion SDR-reported FRA activity in H1 2025, reset optimization-driven FRA spike days from OSTTRA’s Reset service and Tullett Prebon’s Matchbook service (formerly “tpMatch”) totaled $25.0 trillion. […]
Reset optimization: part 1 – FRA activity
Our recent blog noted that FRA compressions were $18.8 trillion of the total $97.4 trillion SDR-reported in H1 2025. The $18.8 trillion FRA compressions were dominated by the EUR currency and by the OSTTRA REST platform. I skipped further analysis to tee up a separate analysis in this blog. Key takeaways Background Multilateral reset optimization […]
FX IM optimization
I wanted to do a long-overdue follow-up on a blog I wrote in 2019, ISDA SIMM FX Optimization and NDFs. That blog outlined the growth of G10 NDFs in response to the initial phases of UMR go-live from 2016 onwards, hypothesizing that multilateral FX IM optimization was driving the trend. (Note that another term was […]
Rates IM optimization
Background Several points are listed here for convenience. Feel free to skip to the next section now and refer to them later. According to the ISDA margin survey, uncleared SIMM IM collected exceeded $350 billion at the end of 2024, a large slice of which is incurred by rates derivatives portfolios. Capitolis kindly confirmed that […]
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 […]