April 2, 2012
State of the ecosystem snapshot
Below is an update on the state of CCPs, SEFs and SDRs from public information. The research was carried out by a SK Lim, a consultant from www.jdxconsulting.com for myself. The data were collected at the end of February, only my slowness delayed the publication.
- JSCC, KRX and Shanghai CCP data or plans
- LSE, HKMA & India SDR plans
- Generally updated SEF data including State Street SwapEx, but hard to pin down exact scope for most
- In January 2012, Korea Exchange Inc. announced plans to launch a clearing house for OTC Derivatives trading in the 4th quarter. The Exchange will first start clearing interest rate swap between firms operating in South Korea and will later expand into credit default swaps and cross border trades. (http://bloomberg.com/news/2012-01-12/south-korea-to-start-otc-derivatives-clearinghoue-to-reduce-global-risks)
- On 17 February 2012, The Shanghai Clearing House, China’s official inter-bank clearing agency, has proposed expanding the scope of its clearing business to include China’s interest rate swaps (http://www.thefreelibrary.com/-China+considers+central+clearing+for+interest+rate+swap+trading.-a0280308180)
- On Feb 2012, State Street announced it will launch SwapEx, a swap execution facility (SEF), it will register with the United States Commission Futures Trading Commission (CFTC) when the application window opens later this year. In preparation for the launch, State Street has entered into an agreement with National Futures Association (NFA) to perform regulatory services for State Street's SEF (http://finance.yahoo.com/news/state-street-launches-swapex-initiative-130000290.html)
Purple Triangle means the number is an Open Position, not a Gross Notional.
CCP Notional Change
For amusement, and probably not too meaningly, here's the change in notionals for each CCP. For SwapClear the effect of tear-ups via TriOptima would explain the reduction rather than increase in total notional.
Less easy to gather data, but here's what we can tell about SEF plans:
And finally, the growing list of firms wanting to hold the world's OTC trade data:
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