Q1 2026 Shares of D2D Platform Core Rates Swaps
In Q1 2026, D2D platforms executed 70,162 core rates‑swap packages, up 21% year‑on‑year and 29% quarter‑on‑quarter, marking the strongest quarterly volume on record. ICAP retained the lead in USD SOFR swaps with a 34.4% share, while Tullett Prebon dominated AUD BBSW/AONIA swaps at 83.9% and held the top spot in EUR Euribor/€STR and CAD CORRA markets. BGC made notable gains in EUR, GBP, and JPY swaps, eroding rivals’ positions. Tradition saw mixed results, losing share in several currencies despite modest growth in others.
Swaption Volumes by Strike – Q4 2025
In Q4 2025 USD swaptions reported to SDRs showed a 14% year‑over‑year decline in trade count to 19,055, yet average trade size increased 24% YoY to $181 million, pushing total notional volume up 7.4%. Volatility in the SOFR swap rate narrowed, with...
2025 SDR-Reported IR Compression
In 2025, SDR‑reported cleared interest‑rate compression reached $170 trillion, a 73% jump from 2024. OIS compression alone accounted for $151 trillion, up 80%, while basis‑swap compression surged 212% to $1.76 trillion and fixed‑float IRS rose 28% to $16.9 trillion. Off‑platform activity expanded dramatically, capturing...
RFR Adoption in Cleared Rates Swaps – 2025 Update
The 2025 cleared rates‑swap data show that just over 62% of the $1,076 trillion notional is tied to risk‑free rate (RFR) indexes, leaving a 38% minority still anchored to legacy IBORs. Major currencies such as GBP, JPY and CAD have largely...
2025 Swaption Volumes and Market Shares
The 2025 full‑year swaption market reached a record $24.1 trillion in notional volume, a 35 % increase over 2023, while trade counts remained flat, indicating larger average deal sizes. Average trade size jumped 36 % to $150 million, driven partly by reporting‑cap hikes introduced...
2025 Rates ETD Exchange and CCP Competition
In 2025 the rates ETD market saw genuine competition only in EUR and JPY money‑market futures, while other currency‑product combos remain largely monopolised by a single CCP. Eurex lifted its share to 14.7% of EUR MM futures, taking volume from...