When I last wrote about CNY Swaps back in 2020, I found that CNY swaps were the 9th most traded currency in cleared Interest Rate Derivatives. They have since increased in size significantly, and are now the 7th largest swaps market. Updating the data from CCPView; Showing; CCP Market Share CNY is one of the seven […]

This will be my last blog of the year, and the last one before we get into some retrospectives about 2024. It is therefore a good opportunity to add to the “What’s New” series, and look at INR swaps. Unlike MXN, which had a near five-year gap between blogs (!), I wrote about INR swaps […]

And equally “Why do clients prefer SwapClear?” The Data It was only recently that I provided a general overview of the JPY Swaps Market in 2024. As so often happens, that blog sparked some conversations, which sparked some number crunching, leading us here. Last time, I noted that the JSCC-LCH basis had shown a significant […]

With so many AUD blogs behind us, I figured it was high time we started adding dates to the titles – otherwise I’ll never remember what I wrote and when! The previous AUD articles are linked below: These blogs are quite enjoyable to write, as it gives me an opportunity to “surf” the data and pull […]

Covering; ISDA AGM in Tokyo I thought I would try to be helpful with the timing of this blog. The ISDA AGM is due to take place April 16-18 in Tokyo: Most delegates will take time to also see Tokyo-based clients, and will therefore be discussing the JPY swap market whilst doing so. So consider […]

Where do INR Swaps Rank on the Global Picture? CCPView allows us to compare the relative size of INR swap markets to other currencies. Taking out the “G6” – USD, EUR, GBP, AUD, CAD and JPY – we see the below: Showing; Let’s look further into the INR Swaps market. Two Thirds of Cleared Volumes are […]

*I hope our readers don’t mind, but I chose to accept a little help from Bard this week. With so much web traffic generated via Google searches, I thought it a worthwhile experiment. TIBOR Cessation No two markets are the same, and we see this in the adoption of RFR trading. Whilst JPY LIBOR is […]

CNY Interest Rate Swap Introduction Before we look at some data on the Chinese swap markets, it is really important that readers are familiar with some of the terminology. Let’s start with the basics in terms of what the currency is actually called! Interest Rate Swap Market Conventions This blog looks at Interest Rate Swaps […]

The end of the year is a traditional time to reminisce. In that spirit, I remember writing my first blog on AUD swap markets from the back of a camper van on the West coast of Oz, after surfing in Yallingup. That experience now feels like a lifetime ago for me personally. Having recently returned […]

A large proportion of JPY swaps activity at JSCC has moved to JPY TIBOR. JPY LIBOR swaps have shrunk from 89% to just 66% of the market. At the same time, overall JPY IRS volumes have drastically shrunk. We look at the data behind cleared JPY IRS markets. A Bloomberg article last week flagged to […]