This blog reviews Q2 2026 US-reported swaption volumes and D2D platform market shares – following the Q1 edition of this series. Key takeaways After a Q1 record of $8.10 trillion, G4 currency swaptions US-reported activity returned to 2025-like levels in Q2 of $5.74 trillion “package notional” – down 5.6% year-on-year (YoY) and down 29% quarter-on-quarter […]

This blog covers volumes of activity resulting from D2D platform reset runs a.k.a. multilateral reset optimization (MRO) for Q2 2026. Key takeaways In Q2 2026, Tradition (Trads) MRO took 15% of D2D platform reset-hedging activity in currencies where MROs operate. The marked uptick in MRO competition between D2D platforms prompts more frequent future posts on the topic. […]

This blog is the Q2 2026 edition of our quarterly blog on US-reported OTC equity derivatives volumes. We expand the focus from the inaugural Q1 edition to cover equities total return swaps (TRS) in the top six currencies – USD, EUR, CNY and HKD combined, JPY, and GBP – which were 91% of the Q2 […]

This is the Q2 2026 edition of our quarterly blog on competition between rates derivatives exchanges and CCPs. It can be directly compared with the Q1 edition and is a complement to our recent Q2 blog on cleared rates swaps volumes. Key takeaways In Q2 2026, the quarter on quarter (QoQ) shifts in the CCP […]