Swaps data: cleared volumes drop for all markets – except FX

Smaller CCPs make market share gains in a quarter of double-digit declines for rates and credit

stock drop

Long-standing growth in cleared over-the-counter derivatives volumes came to an abrupt halt in the fourth quarter of 2019, as all products other than foreign exchange posted double-digit declines compared with the same quarter in 2018. 

Volumes of interest rate swaps in dollars and euros dropped 27% and 19% respectively, while credit default swap volumes in dollars and euros were down 35% and 27%. It could just be a blip, as data for the period January 2 to February 21, 2020, shows a recovery

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