This post continues our quarterly strikes analysis of USD swaptions, which are typically 50 percent or more of swaptions volumes in all currencies. If you are new to swaptions, some basics are outlined at the start of the earlier Q1 blog. You may also wish to keep open on the side our recent blog on […]

Clearinghouses published at the end of December their latest CPMI-IOSCO Quantitative Disclosures for Q4 2025. Key takeaways On 31 December 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. We focus on IM for cleared […]

In a recent blog, we looked at the adoption of risk-free rates (RFRs) in cleared rates swaps. Now we explore the same topic for rates exchange traded derivatives (ETDs). What do rates ETD volumes over time tell us about the status of RFR transition? Key takeaways Read on for the charts and data created in […]

This blog expands to the whole of 2025 the blog we published last September covering H1 2025 SDR-reported IR compression. Key takeaways For 2025 as a whole: Background SDR-reported IR compression volumes include SEF compression and bilateral compression but exclude the following: As well as the prior blog linked above, further background on SDR-reported IR […]