Episode 19

Quick Takes: 3Q23 CCP Volumes and Share in CRD and FXD

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About this Episode

This week's Quick Takes has Amir reviewing Credit Derivatives (CRD) and FX Derivatives (FXD) volumes and market share at Clearing Houses (CCPs) in 3Q 2023.

  • CRD – Index, Single-name and Swaptions
  • In USD, CDX and CDS volumes were down
  • In EUR, iTraxx volumes were down, while CDS were up
  • In EUR iTraxx, LCH CDSClear share has doubled from a year earlier to 26%
  • In EUR CDS, share is now ICE Clear Credit 55% and LCH CSDClear 40%
  • FXD – NDF, Options, Forwards and Swaps
  • NDF volumes up 10% to $3.3 trillion from a year earlier
  • FX Options volumes doubling with $363 billion, all at LCH ForexClear
  • FX Options outstanding notional increasing quarter on quarter

ION #IONMarkets #ClarusFT #CreditDerivatives #CRD #FXDerivatives #FXD #ClearingHouses #CCPs

Amir Khwaja, CEO, Clarus Financial Technology

Amir is CEO of Clarus Financial Technology and has more than thirty years' experience in OTC Derivatives and Technology. His prior positions include Director of RiskMng and FE at Calypso Technology (2005-2012), CTO at SunGard Trading and Risk (2002-2005), CEO & Founder at Kronos Software (1998-2002). Amir started his career at Chase Manhattan (now JPM) as an IT graduate trainee in 1988, after a degree in Mechanical Engineering from Imperial College, London.

Chris Barnes, Senior Vice President, Clarus Financial Technology

Chris has over 19 years experience in OTC Derivatives markets. He started out trading Cross Currency Swaps at HSBC in London between 2002 and 2010, before helping to launch Rates Trading at State Street in London (2010-2012). Having relocated to Switzerland, he also served as the Director of Product Development at Gottex.

Chris holds an MA from the University of Cambridge in Natural Sciences, where his dissertation on artificial intelligence was published in 2001.