From the end of June 2026 quarterly CPMI-IOSCO Quantitative Disclosures by clearinghouses captured by CCPView, this blog focuses on cleared IM for rates swaps, credit derivatives (CRD), and exchange-traded derivatives (ETD). Key takeaways The Q2 2026 disclosures show different IM dynamics across the three product groups: IM for cleared rates swaps Chart 1: IRS IM by […]

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 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 […]

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 […]

Clearing houses have published their latest CPMI-IOSCO Quantitative Disclosures for Q2 2025. Key takeaways 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 quarterly disclosures for 44 clearinghouses, each with multiple Clearing […]

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 […]

The new block sizes in SDR data make trends in the data more difficult to identify – because now only 25% of notional should be “dark” (i.e. above the capped thresholds), down from 50%. More transparency is good, but we need to be careful when looking at data from before and after the new block […]

Block Calibration It has been a long journey to finally arrive at the “go-live” for new block thresholds on October 4th 2024. I covered it here on the blog, so rather than re-hash what has happened, please refer to the old posts linked below: Suffice to say that there have been more than a few […]

FMSB The FICC Markets Standard Board (see my 200th Clarus blog), known as the FMSB, recently published the paper “Spotlight Review on Pre-Hedging“. It makes great reading for anyone involved in Swaps markets – dealers, sales, trading, buyside. Read it! What is “Pre-Hedging”? According to the FMSB report, pre-hedging is the act of a dealer […]

Hedge funds are frequently in the financial news, which is not at all surprising given the size of the sector and the public profile and wealth of the founders. So it is good to see that a Hedge Fund Monitor has been released by the Office of Financial Research of the U.S. Department of the […]