Repo: The heart of the global financial system
My colleagues Ed Tyndale-Biscoe and Chris Brown published an article on the ION Markets Blog, which is well worth a read at Repo: The heart of the global financial system and why the SEC took action.
Cross Currency Swaps Review 2023
According to the FT, we need a dose of optimism at the beginning of 2024. What about these statistics to provide you with an uplifting outlook for the New Year? SDRView Volumes SDRView shows the monthly volumes transacted of Cross Currency Basis swaps. These are, on the whole, the vanilla interbank type of mark-to-market cross currency swaps. […]
2023 CCP Volumes and Share in CRD and FXD
A review of Credit Derivatives (CRD) and FX Derivatives (FXD) volumes and market share at Clearing Houses (CCPs) in 2023. All the charts and detail from CCPView. Credit Derivatives Volume USD CDX, CDS and Swaptions CDX volumes at $11 trillion, representing 89% of USD volume with single-name 9% and CDXSwaptions just 1%. Market Share of USD […]
Can the UK get transparency right?
Happy New Year everyone. My New Year has started by tackling 172 pages of FCA consultation – lucky me! In Summary Context The UK rules for pre- and post-trade transparency were largely inherited from MIFID II post-Brexit. In case any of our readers are not familiar with MIFID II transparency – it doesn’t work. We […]
2023 CCP Volumes and Share in IRD
2023 volumes and market share for OTC Derivatives in Interest Rates reported by Clearing Houses. Clarus CCPView has daily volume and open interest data published by each CCP, which is filtered, normalised and aggregated to allow meaningful analysis and comparisons. Contents: Onto the charts, data and details. Volumes and Market Share For major currencies and regions, vanilla swaps referencing IBORs and […]
Our Top Blogs of 2023
For our first blog this year, I wanted to highlight our top blogs of 2023 and share a few statistics. Top New Blogs in 2023 Starting with a list of the most popular new blogs that we published in 2023. The top 5 with > 8,000 views and a total of 20,000 views for the […]
A Final Check-In On RFRs For The Year
This is my final blog for the year, but the 2023 retrospectives will have to wait for January once all of the data is in. However, as the year draws to a close, I doubt 2023 will be remembered as the year that USD LIBOR finally ceased. That has to be considered a good thing. […]
What’s New in CCP Disclosures – 3Q23?
Clearing Houses have published their latest CPMI-IOSCO Quantitative Disclosures showing IM for ETD at $438 billion is down 2.5% QoQ and down 20% YoY, while IM for IRS at $283 billion is down 11% QoQ and up 1% YoY.
Read more to get all the detail.
What is the latest European plan to onshore rates trading?
Almost exactly a year ago, the EU proposed requiring market participants subject to a clearing obligation to clear a portion of the products that have been identified by ESMA as of substantial systemic importance through active accounts at EU CCPs.
The unknown in the past 12 months has been how the EU will define the “Active Account Requirement (AAR)”. In the past few days […]
Dec 4th has been and gone. Where are our new block sizes please?
Back in June 2023, I covered the new block sizes that were due to come into effect on 4th December 2023. In case you missed them, please take a look before reading today’s blog: However – in what appears to be new news – the CFTC issued a No Action letter late in October to […]