This blog looks at competition for trade volume in Q4 2025 and for the whole of 2025 between rates exchange-traded derivatives (ETD) exchanges and CCPs. Key takeaways In 2025, only EUR money-market (MM) futures, JPY MM futures, and USD MM futures show real competition now or potential for real competition in the future. Read on […]

This blog looks at Swap Connect, a service enabling offshore parties to trade and clear deliverable CNY swaps. Key takeaways Read on for Swap Connect’s market impact and the unique features of its trade acceptance approach, booking model and margin process. All the charts, data, and statistics in this blog were sourced from CCPView. CNY […]

This blog reviews 2025 full-year cross-currency swap volumes, their split between on- and off-platform, and the market shares of platform groups. We focus on the cross-currency basis swaps in the top five currencies, using SDRView and SEFView to aggregate volumes, DV01, and trade count by month and year. Key takeaways For the top five currencies’ […]

This blog reviews 2025 volumes and market share of interest rate OTC derivatives reported by clearinghouses (CCPs). We focus on “core swaps” including cleared IRS, OIS, and basis swaps, using CCPView to filter and aggregate daily volumes and open interest data published by CCPs. Key takeaways On core swaps in 2025: Read on for the […]