Eleven years after our extensively read original blog, how has the OTC CCP and the LCH SwapClear default management process evolved and what should clearing members be preparing for today? Why Revisit This Topic? Back in 2015, we discussed the mechanics of the SwapClear default management process (DMP) and the operational burden imposed on clearing […]

This blog shows new volume and OI peaks and tells the story of how they reached them. Key takeaways How did swap futures develop? Swap futures were created soon after the 2008 global financial crisis. This was a period of both re-regulation and experimentation driven by G20 regulators’ consensus to standardize OTC derivatives and move […]

This blog looks at the market shares of customer segregated margin (customer seg) of US-regulated derivatives clearing brokers (FCMs) at the end of Q2 2026. Key takeaways At the end of Q2 2026, the biggest year-on-year (YoY) market share changes were as follows. Clearing broker market shares Derivatives client clearing brokers make most of their […]

This blog is the Q2 2026 edition of our regular blog on US-reported rates swaps compression. Key takeaways Scope and data context As it was for the prior blog, our scope is US-reported compression of cleared “core” rates swaps, which we define to include OIS, fixed float IRS, and basis swaps and therefore excludes FRAs, […]