In this episode, Chris Barnes discusses his recent blog post, "What's New in Yen Swaps in 2024." The blog post covers four key topics:

• The end of Yen TIBOR and the transition to the Yen RFR (TONA)
• The ongoing battle for market share between LCH SwapClear and JSCC in clearing Yen swaps
• The recent volatility in the CCP basis for Yen swaps
• The explosion in volume of TONA futures trading

Chris Barnes finds the volatility in the CCP basis to be particularly interesting, as it's not well-understood and there's little transparency into the market.

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