- Introducing the new Clarus Daily Briefing.
- Curated market information direct to your inbox.
- Swap rates, volumes and Central Bank rate expectations every day.
- Make sense of daily trading activity in less than 2 minutes.
- We offer a free two-week trial before your paid subscription starts.
Daily Market Commentary
We always aim to improve the general knowledge of what is going on in Derivative markets. For us, it is important that the increased transparency offered from G20 reforms filters down to as many people as possible.
Public trade reporting provides transparency to our markets. The success of our data products (SDRView, CCPView) shows that users know how to navigate this data and that they value easy access to the data.
We will therefore start to offer a daily briefing to subscribers, explaining what has happened in Derivative markets. Where Rates are, how they moved. Whether volumes were particularly high (or low) and what the market has priced-in for the next few central bank meetings.
Based on my experience writing these daily run-downs from a trading desk, our Daily Briefing provides;
- A two-minute read.
- Easily accessible in the morning to catch you up on what happened yesterday.
- A combination of volumes and prices. Because one without the other tends to be meaningless.
- Coverage of the whole yield curve, including short-end colour on Central Bank expectations.
- No log-ins or links to follow. Just content delivered via email.
The big success of trade transparency has been the creation of a lot of data. This data needs to be accessible.
Our Daily Briefing provides clarity. We produce clear and simple charts that distill the trading day into a short summary. We will explain the wealth of public data generated every day in less than two minutes.
Sign up now for your free trial to see our latest Daily Briefing. We have started with USD Swap markets, and will expand to include other markets.
Section 1 – Bullets
We start the day with the bullet points you need to know about what happened yesterday;
Including information on;
- Outright moves.
- Curve moves.
- Historical perspective.
- Amount of risk traded.
- Associated market moves such as bond spreads.
- Central Bank Expectations.
Section 2 – Volumes
You don’t see people talking about volumes unless they are unusual. Why not?
- Volumes traded provide half of the story about why market moves happen.
- We believe that any move in price should be accompanied by information about the volumes that accompanied the price move, particularly in “low-velocity” markets such as OTC Derivatives.
- It should be clear what volumes you are looking at. We therefore restrict ourselves to only looking at the volumes traded in benchmark products – those that are clearly identifiable with a Bloomberg ticker and trade consistently (and in good size) throughout every single trading day.
- We provide the historical average volume per ticker to put yesterday’s volumes in perspective.
Section 3 – Central Bank Expectations
We all need to keep on top of the evolving market expectations of when rates will change and by how much, right? We use central bank meeting-dated OIS rates to imply the probability of where rates will be, and when.
OIS probabilities are not straight-forward to derive;
- We price an OIS from one central bank meeting to the next (a so-called “maintenance period”).
- We take today’s overnight fixing and imply the unconditional probability of a rate change for each meeting date.
- We combine these to create the probability tree above.
Try it for Free
As with all of our new products, we think a no-obligation trial period is the right way for our clients to assess the value of a product. We offer a free two-week trial to the daily briefing. Sign-up now:
The world of “research” (which may or may not include market commentary!) is about to be shaken up by MIFID II. Who really knows what kind of impact that will have on content creators and content consumers alike. We aim to ensure that transparency is not lost as the number of providers change and the frequency and quality of output varies.
Sign up to the Clarus Daily Briefing to ensure you stay informed throughout the upcoming industry changes.
We would love to hear feedback from our early trialists. Feel free to reach out to us any time [email protected].