Latest CCP & SDR Status Charts as of Feb 2013

January 8, 2013 by Bill Hodgson 14 Comments

Here is the status of CCPs and SDRs for OTC products. Data for the CCPs is from the respective websites, data for the SDRs is from the recent FSB (mid-2012) progress report. Click on the charts to enlarge.

Update on Feb 13th

Fixed ICE EU numbers, not linked properly, now showing latest numbers
Labelled numbers which are provided as “open interest” where the method of calculation is not yet known to me
Added a column to show how the numbers are reported

Updates on Feb 11th

Notionals updated for the CCPs
ASX added as a forthcoming CCP
Target date for CME IRS now April 2013
Links to SDRs real-time reporting:
- CME: http://www.cmegroup.com/market-data/repository/ (although not much showing up right now)
- DTCC: https://rtdata.dtcc.com/gtr/dashboard.do
- ICE: https://www.theice.com/trade_vault.jhtml (a landing page, no sign of data yet)

CCPs As of Feb 13th 2013

CCP Progress, Dec 11 to Jan 13

Selected CCPs where reliable data exists. Note that the activity by TriOptima / TriReduce to tear-up trades reduces notionals by $80trn, so flat or lower notional doesn’t necessarily mean a reduction in business. Also note FX notionals will always be lower due to the shorter duration of the trades, notional cleared per month is an indicator of business activity, but not captured here.

US & EU SDRs

Rest of the World SDRs

Updates on Nov 29th:

Chile added for IRS & NDFs
India (CCIL) added for NDFs and a “sort of” for IRS – they have a registration and settlement system but without margining
Korea moved back due to their parliament not enacting the legislation needed to underpin clearing. NDFs added too.
HKEx moved back, plus NDFs added
The notional for CME was published as the one sided notional, rather than the double sided. My own view is that two banks report that each have a swap with the CCP, so the total notional will be 2x, not the 1x the CCP sees. I’ve doubled their figure, and it now shows just over a trillion – good going.

Updates on Jan 12th: Notionals refreshed

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14 Responses to “Latest CCP & SDR Status Charts as of Feb 2013”

carlarweir January 8, 2013 at 15:30

This is a great resource.imshall be revolving it.
carlarweir January 8, 2013 at 15:30

Reblogged this on Carl A R Weir's Blog.
John January 28, 2013 at 10:53

What to make of Eurex who haven’t published any data for their IRS CCP after several months – are they embarrassed? Even CME reports on its’ FX offering which has only 12m of open interest.
Bill Hodgson January 28, 2013 at 10:55

Why not email Stu Heath and ask for an update? I’m sure they’ll show data when they’re ready.
johndwilson January 28, 2013 at 10:58

I tried Eurex folks and they responded it will be on the website [date unspecified]. One can only read bad things into the absence of data given if it was good news you can be sure it would be trumpeted. Rumour has it that whilst some trophy trades were booked, allegedly most of these opened and closed same day leaving little open interest.
Bill Hodgson January 28, 2013 at 11:01

I’m going to politely wait and see, launching a new CCP has got to be a long game, and I’ve heard of firms expressing a preference to use Eurex, but given the wobbly ESMA time line, the rush to clearing will be slower than we expected for 2013.

BTW I thought about paying the vast sum required to sit in the audience and heckle at your CCP event, but decided to spend it on drinks tomorrow night instead
johndwilson January 28, 2013 at 11:14

Or are you actually spending the vast fee from your own CCP event on the drinks and nibbles?

CCP may be a long game, but Eurex evidently recognise they have issues as they are now trying to hire new buyside sales people in London to “make inroads into the buyside” which they acknowledge they have struggled with – perhaps if they fixed transit risk, came off German law and removed the temporary membership approach they may find it a bit easier to sell their service.
Heiner Seidel February 14, 2013 at 08:28

Eurex Clearing launched its EurexOTC Clear for IRS service on 13 November 2012. Since then, we have added 12 Clearing Members and 5 Registered Customers (buy-side firms) – with the first client trades taking place earlier this month.
A full list of all our EurexOTC Clear members can be found here http://bit.ly/12Lsa4Q
Heiner Seidel, Eurex Group spokesperson
Bill Hodgson February 14, 2013 at 08:30

Many thanks Heiner, Bill