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 l…

Clarus Financial Technology

08.05.2024

Most Active Names in Credit Derivatives – April 2024 |

More than six months have passed since I last looked at the most active names in CDS and TRS, so high time to take a look at recent data from US SEC Securities Based Data Repositorys (SBSDRs). CDS …

Clarus Financial Technology

01.05.2024

Regulating the transformative power of AI in Asset management |

Artificial Intelligence (AI) is a transformative technology and this article covers a number of key regulatory areas for asset management including the recent EU AI Act, bias, transparency and secu…

Clarus Financial Technology

30.04.2024

10 CCP Policy Proposals to make markets better |

TLDR; A new standard way of messaging across CCPs could achieve some of the objectives. Taylor series expansion of IM changes day-to-day would provide necessary transparency. I believe that it is u…

Clarus Financial Technology

24.04.2024

How Much Margin? The 2023 Edition |

Total Initial Margin across the industry now stands at $1,394bn an all time high. Initial Margin requirements across the industry have increased by $959bn since 2016. Uncleared Margin increased par…

Clarus Financial Technology

17.04.2024

All You Need To Know To Avoid The Trade Execution Requirement? |

Every month, over 500 USD swaps are reported to SDRs that match MAT criteria but are executed off-SEF. This has been a persistent phenomenon of the data for as long as I can remember. The swaps are…

Clarus Financial Technology

16.04.2024

1Q24 CCP Volumes and Share in IRD |

This is an article about CCP volumes and market share in the IRD. It discusses volumes for major currencies and regions. It also details CCP market share. USD OIS swaps are the highest on record. E…

Clarus Financial Technology

11.04.2024

What’s New in JPY Swaps in 2024? |

Covering; JPY TIBOR cessation. LCH SwapClear and JSCC market share of cleared swaps. LCH-JSCC Basis updates. JPY TONA Futures. ISDA AGM in Tokyo I thought I would try to be helpful with the timing …

Clarus Financial Technology

03.04.2024

Retail brokers in Europe poised to expand derivatives as regulatory challenges mount |

Potential restrictions on Contract for Differences (CFD) markets are leading retail brokers to evaluate a shift towards institutional markets and listed futures and options. Bruce Roberts and Chris…

Clarus Financial Technology

27.03.2024

RFR Adoption Update |

60-70-40 are the three numbers you need to know for RFR Trading now. 60% is the percentage of global trading that takes place against RFRs. 70% is the amount of the USD market that trades versus SO…

Clarus Financial Technology

20.03.2024

€STR Volumes and Market Share |

Very occasionally, the data writes a blog for me. This is one of those times, with three particular highlights: Volumes of €STR futures continue to increase: Open Interest is now ~$120bn equivalent…

Clarus Financial Technology

20.03.2024

SEC Clearing Mandate for US Treasuries |

The SEC final rule on clearing of US Treasury Securities was published on March 18, 2024. Now that the scope and timelines are known, the challenges in implementation are becoming apparent. We cove…

Clarus Financial Technology

13.03.2024

Mechanics and Definitions of the ISDA Credit Support Annex (CSA) |

Credit Support Annexes used to be the dullest of the dull. A “back-office”, operational necessity that helped reduce counterparty exposures. Now, they are intrinsic to the functioning o…

Clarus Financial Technology

13.03.2024

What’s New in CCP Disclosures – 4Q23? |

Clearing Houses have published their latest CPMI-IOSCO Quantitative Disclosures: Initial margin for ETD at $465 billion is up 6% QoQ and down 6% YoY Initial margin for&nbsp…

Clarus Financial Technology

06.03.2024

Cable Cross Currency Swaps 2024 |

8 out of the 10 largest ever months in Cable basis swaps have occurred in the past 15 months. We use SDRView to look at the data in this uncleared market. Our ticker view shows a persistent move hi…

Clarus Financial Technology

27.02.2024

Did we learn anything from the latest European announcements on clearing? |

Active Accounts at EU-based CCPs will be required for EU counterparties subject to the clearing obligation. An Active Account must regularly clear five trades, posting initial and daily variation m…

Clarus Financial Technology

21.02.2024

T+1 and FX: The opportunities and challenges of a shorter settlement cycle |

28 May 2024 is set to be a pivotal moment in the history of securities trading, as from this day, US trades in cash equities, corporate debt and unit investment trusts must settle T+1 instead of T+…

Clarus Financial Technology

21.02.2024

Best Practices for Variation Margin |

In times of stress, CCPs may issue intraday margin calls that can cause liquidity strains in the market. A new CPMI paper, “Streamling variation margin in centrally cleared markets” loo…

Clarus Financial Technology

14.02.2024

Could “enshittification” happen in derivatives markets? |

Is “enshittification” of social media akin to worsening liquidity conditions in financial markets as a result of increased rent-seeking behaviour of centralised platforms? We see ever i…

Clarus Financial Technology

14.02.2024

2023 SEF Volumes and Share in SOFR Swaps |

SOFR Swaps at D2D Venues trade as Spreadovers, Butterflys or Curve trades In 2023 more than 30,000 Spreadovers with > $1.5b DV01 traded on D2D venues In Spreadovers, ICAP has 47% share and BGC 2…

Clarus Financial Technology

07.02.2024

EUR Futures Latest – Still a 3 Way Battle |

We monitor the three-way battle for market share in €STR STIRs between CME, Eurex and ICE. ICE continues to dominate the EURIBOR STIR market, with Eurex witnessing a significant increase in volumes…

Clarus Financial Technology

31.01.2024

Swaps Compression: What is it and why is it important? |

Another interesting article on the ION Markets Blog provides an introduction to Swaps Compression, for those not familiar with this or just needing a referesher on the what and why, please read at …

Clarus Financial Technology

31.01.2024

USD Rates Overview in 2024 |

Total volumes in USD Rates hit new records in 2023, growing by 35% since 2020. Volumes grew across US Treasuries, bond futures and OTC swaps. Clarus provides volume data by tenor for all of these a…

Clarus Financial Technology

25.01.2024

RFR Adoption Review 2023 |

Now seems like the right time to call an end to the regular series of blogs that we have been writing about the ISDA-Clarus RFR Adoption Indicator. Consider today’s blog your “cut-out a…

Clarus Financial Technology

24.01.2024

Repo: The heart of the global financial system |

My colleagues Ed Tyndale-Biscoe and Chris Brown published an article on the ION Markets Blog, which is well worth a read at Repo: The heart of the global financial system and why the SEC took actio…

Clarus Financial Technology

17.01.2024

2023 CCP Volumes and Share in CRD and FXD |

A review of Credit Derivatives (CRD) and FX Derivatives (FXD) volumes and market share at Clearing Houses (CCPs) in 2023. CRD – Index, Single-name and Swaptions In USD, CDX volumes were d…

Clarus Financial Technology

17.01.2024

Cross Currency Swaps Review 2023 |

According to the FT, we need a dose of optimism at the beginning of 2024. What about these statistics to provide you with an uplifting outlook for the New Year? More cross currency swaps traded in …

Clarus Financial Technology

10.01.2024

2023 CCP Volumes and Share in IRD |

2023 volumes and market share for OTC Derivatives in Interest Rates reported by Clearing Houses. Clarus CCPView has daily volume and open interest data published by each CCP, which i…

Clarus Financial Technology

10.01.2024

Can the UK get transparency right? |

Happy New Year everyone. My New Year has started by tackling 172 pages of FCA consultation – lucky me! In Summary UK regulators are consulting on “Improving Transparency for bond and de…

Clarus Financial Technology

03.01.2024

Our Top Blogs of 2023 |

For our first blog this year, I wanted to highlight our top blogs of 2023 and share a few statistics. Top New Blogs in 2023 Starting with a list of the most popular new blogs that we published in 2…

Clarus Financial Technology

20.12.2023

A Final Check-In On RFRs For The Year |

This is my final blog for the year, but the 2023 retrospectives will have to wait for January once all of the data is in. However, as the year draws to a close, I doubt 2023 will be remembered as t…

Clarus Financial Technology

13.12.2023

What is the latest European plan to onshore rates trading? |

Almost exactly a year ago, the EU proposed requiring market participants subject to a clearing obligation to clear a portion of the products that have been identified by ESMA as of substantial syst…

Clarus Financial Technology

13.12.2023

What’s New in CCP Disclosures – 3Q23? |

Clearing Houses have published their latest CPMI-IOSCO Quantitative Disclosures showing IM for ETD at $438 billion is down 2.5% QoQ and down 20% YoY, while IM for IRS at $283 billion is down 11% Qo…

Clarus Financial Technology

06.12.2023

Dec 4th has been and gone. Where are our new block sizes please? |

All we wanted for Christmas were new block sizes in the SDR data…. …unfortunately that won’t be happening this year :-( 50% of notional will continue to be above the reporting thr…

Clarus Financial Technology

30.11.2023

Time Series of Swap Prices and Volumes |

Analysing existing datasets in new and novel ways, often throws up interesting insights and questions which help with our understanding of the real world and in turn help us to make better decision…

Clarus Financial Technology

30.11.2023

What You Need to Know About INR Swaps |

INR Swaps are large swap markets, similar in size to PLN, KRW and NOK swaps. Over $250bn equivalent is cleared in INR swaps in active months, with 2023 already a record year in clearing with more t…

Clarus Financial Technology

22.11.2023

Swaption Volumes by Strike Q3 2023 |

Sometimes this blog would benefit from another Chris Barnes or Amir Khwaja! It has taken me until the tail-end of 2023 to revisit one of the most popular topics on the Clarus blog – Swaptions…

Clarus Financial Technology

15.11.2023

Default Simulation Exercises by CCPs |

In June 2019, I wrote a blog titled, CCP Default Management Auctions, in which I covered the BIS CPMI-IOSCO “Discussion paper on central counterparty default management auctions” and explaine…

Clarus Financial Technology

15.11.2023

New Musings on RFRs |

This week I will start with a chart – the DV01 traded in USD OIS per month over the past three years: DV01 in $m of USD OIS Showing; October 2023 saw a record amount of risk traded as a USD O…

Clarus Financial Technology

08.11.2023

A new look at €STR Futures |

There is now a three-way battle for market share in €STR STIRs between CME, Eurex and ICE. ICE saw a 37% market share in the first three days of trading following the launch of a new liquidity prov…

home›Clarus Financial Technology›Economy

Clarus Financial Technology - Economy

What’s New in AUD Swaps in 2024? |

Most Active Names in Credit Derivatives – April 2024 |

Regulating the transformative power of AI in Asset management |

10 CCP Policy Proposals to make markets better |

How Much Margin? The 2023 Edition |

All You Need To Know To Avoid The Trade Execution Requirement? |

1Q24 CCP Volumes and Share in IRD |

What’s New in JPY Swaps in 2024? |

Retail brokers in Europe poised to expand derivatives as regulatory challenges mount |

RFR Adoption Update |

€STR Volumes and Market Share |

SEC Clearing Mandate for US Treasuries |

Mechanics and Definitions of the ISDA Credit Support Annex (CSA) |

What’s New in CCP Disclosures – 4Q23? |

Cable Cross Currency Swaps 2024 |

Did we learn anything from the latest European announcements on clearing? |

T+1 and FX: The opportunities and challenges of a shorter settlement cycle |

Best Practices for Variation Margin |

Could “enshittification” happen in derivatives markets? |

2023 SEF Volumes and Share in SOFR Swaps |

EUR Futures Latest – Still a 3 Way Battle |

Swaps Compression: What is it and why is it important? |

USD Rates Overview in 2024 |

RFR Adoption Review 2023 |

Repo: The heart of the global financial system |

2023 CCP Volumes and Share in CRD and FXD |

Cross Currency Swaps Review 2023 |

2023 CCP Volumes and Share in IRD |

Can the UK get transparency right? |

Our Top Blogs of 2023 |

A Final Check-In On RFRs For The Year |

What is the latest European plan to onshore rates trading? |

What’s New in CCP Disclosures – 3Q23? |

Dec 4th has been and gone. Where are our new block sizes please? |

Time Series of Swap Prices and Volumes |

What You Need to Know About INR Swaps |

Swaption Volumes by Strike Q3 2023 |

Default Simulation Exercises by CCPs |

New Musings on RFRs |

A new look at €STR Futures |

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