July 18, 2013

CCP Notionals Chart | July 2013 | Shocking Graph

With the help of Will Woodward at Aite Group the CCP chart is now updated from the February CCP status chart. Highlights in comparison show that:

  • ICE Clear US & EU Open Interest in CDS has declined, could this be an outcome of offsetting positions?
  • CME US IRS Clearing has rocketed from $1.6trn in Feb 2013 to $6.9trn
  • Eurex IRS clearing volumes are now public – they stand at $1bn
  • LCH.Clearnet have increased business on all three business lines, IRS, CDS and FX NDFs
  • SwapClear LLC, the US version of SwapClear now holds $2bn of IRS (up from zero in Feb)
  • JSCC IRS has increased from $2.4trn to $6.7trn
  • SGX IRS increased from $264bn to $281bn

July 19th Correction: JSCC should have been $6.7 rather than $3.5trn, a note on their stats says they report single sided notionals.


In various presentations I have explained the figures above, and warned that tear-ups by TriOptima may reduce notionals, in which case more notional isn't always 'better'. In addition as another illustration of the relative progress of the various CCPs, it's a shocking chart, one I resisted doing for a year, now I've done it, I'm amazed. If I had time I'd do another graph of the total notional by asset class showing the proportion of business cleared, something for another day. Total notional for the OTC market is taken from the ISDA 2012 year end analysis. If any CCPs are reading and want to get these numbers updated or corrected, contact me straight away.

CCP Graph


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