This blog give an update on swap clearing broker concentration risk and asks whether the recent increase in the number of swap FCMs heralds an improvement. Key takeaways At the end of Q1 2025: Introduction Whilst client-cleared financial futures have been around a lot longer, client-cleared swaps started at LCH SwapClear in December 2009, about […]

This blog reviews Q1 2026 US SBSDR-reported OTC equity derivatives volumes – focusing on total return swaps (TRS) on the top five currencies – USD, EUR, JPY, GBP, CNY – which were 88 percent of the volume. Key takeaways Q1 2026 total SBSDR-reported notional volumes of equity TRS were as follows: I am interested in […]

This post continues our quarterly strikes analysis of USD swaptions, which are typically 50 percent or more of swaptions volumes in all currencies. We use SDRView data, which captures OTC derivatives trades reported by US financial firms to US SDRs. Key takeaways Swap market context If you are new to swaptions, some basics are outlined at the […]

This blog is the first edition of what will become a regular quarterly blog on competition between rates derivatives exchanges and CCPs measured by market share of trade notional cleared. Key takeaways In Q1 2026, the exchanges and CCPs market shares of the more competitive cleared derivatives products were as follows. Read on for more […]