2017 CCP Market Share Statistics

In this article I look at 2017 CCP market share for OTC Derivatives in Credit, FX and Interest Rates.

Clarus CCPView has daily volume data published by each CCP, which is filtered, normalised and aggregated to allow meaningful comparison of market share statistics.

Summary:

• IRD
  • LCH SwapClear has >90% share in CAD, EUR, GBP, USD and 86% in AUD
  • JSCC has 54% share in JPY and LCH SwapClear 46%
  • ASX has 14% share in AUD
  • CME has >98% in LatAm and 8% in USD
  • LCH SwapClear has >96% in EMEA and 66% in AsiaPac
  • Shanghai has 31% in AsiaPac (all CNY)
• CRD
  • ICE Clear Credit has > 90% in USD CDX and USD CDS
  • ICE Clear Credit has 61% in EUR iTraxx
  • ICE Clear Europe has 59% in EUR CDS
  • LCH CDSClear has 21% of EUR CDS and 9.5% of EUR iTraxx
  • JSCC has 100% in JPY iTraxx and CDS
• FXD
  • LCH ForexClear has > 95% in NDF

Onto the charts, data and details.

IRD Market Share

Lets look at Swaps market share for major currencies and EM regions and including all the subtypes; IRS, OIS, Basis, ZC, VNS.

USD Swaps

LCH SwapClear with 91.6% average share in the year and CME with 8.4% and no obvious change over the year.

EUR Swaps

Four CCPs with volume, LCH SwapClear dominant with 98.4%, CME and Eurex each with 0.8%, with CME slightly down over the year and Eurex slightly up. BME also with volume <0.1%.

JPY Swaps

JSCC with 53.5% and LCH SwapClear with 46.1% with JSCC higher in nine out of 12 months and LCH higher in 3 out of 12 months, while CME has 0.4%.

AUD Swaps

LCH SwapClear with 86.2%, trending higher after Q1, ASX averaging 13.6% and CME 0.1%.

CAD and GBP Swaps

In CAD LCH SwapClear has > 98% and in GBP > 99%, so will dispense with the charts.

LatAm Swaps

CME with 98.3%, Asigna/Mexder with 1.2% and LCH SwapClear 0.6%

AsiaPac Swaps

LCH SwapClear with 65.6%, Shanghai with 31.4% (CNY), SGX 1.2%, CME 0.9%, CCIL 0.6%, HKEx 0.3%.

EMEA Swaps

LCH SwapClear with 96.3%, Nasdaq OMX with 1.6%, CME with 1.4%, Eurex with 0.4% and KDPW with 0.3%

CRD Market Share

Next turning to Credit markets and CDX and CDS.

USD CDX

ICE Clear Credit with 93.4% and CME with 6.6% as it winds down this business.

USD CDS

ICE Clear Credit with 92% and ICE Clear Europe with 8% (from Sovereign CDS).

EUR iTraxx

ICE Clear Credit with 61.2%, ICE Clear Europe with 29.2% and LCH CDS Clear with 9.5%. LCH CDSClear was up in May, June and July, but then back down in subsequent months.

EUR CDS

Much more variability in monthly market share with ICE Clear Europe with 59.4%, LCH CDS Clear with 20.9% and ICE Clear Credit with 19.7%.

JPY iTraxx and CDS

In JPY, 100% of the volume is at JSCC, so we will dispense with the charts.

FXD Market Share

Next Non-Deliverable Forwards.

LCH ForexClear with 95.7% and Comder with 4.3%.

There is no FX Options cleared volume yet.

Both CME and LCH have announced this.

We will be keeping an eye out for how volumes develop.