Clarus Financial Technology

This blog covers volumes of activity resulting from D2D platform reset runs a.k.a. multilateral reset optimization services (MROS) for Q2 2026. In Q2 2026, Tradition (Trads) MROS runs took 15% of D2D platform reset-hedging activity in currencies where MROS operate. Of D2D platform EUR FRAs notional volume, $13.5 trillion or 86% were from MROS of which Trads MROS took 14.9 points at the expense of OSTTRA Reset (down 8.9 points) and Tullett Prebon (Tulletts) Matchbook (down 6.6 points).

This blog is the Q2 2026 edition of our quarterly blog on US-reported OTC equity derivatives volumes. We expand the focus from the inaugural Q1 edition to cover equities total return swaps (TRS) in the top six currencies – USD, EUR, CNY and HKD combined, JPY, and GBP – which were 91% of the Q2 volume. Q2 2026 total SBSDR-reported notional volumes of equity TRS were as follows: USD TRS were up 134% year-on-year (YoY) to $4.25 trillion. EUR TRS were up 51% YoY to $986 billion.

This is the Q2 2026 edition of our quarterly blog on competition between rates derivatives exchanges and CCPs. It can be directly compared with the Q1 edition and is a complement to our recent Q2 blog on cleared rates swaps volumes. In Q2 2026, the quarter on quarter (QoQ) shifts in the CCP shares of competitive cleared derivatives products were as follows. EUR swaps: Eurex’s share declined 0.8 points to 12.4% to LCH’s 87.6%.

This blog looks at Q2 2026 volumes of FX derivatives (FXD), following the record volumes noted in Q1. In Q2 2026: NDFs volumes exceeded their Q1 2026 cleared record by 3.5% and their Q1 2026 US-reported record by 2.0%. Roughly one third of global NDFs were cleared. Cleared FX options barely beat their Q1 2026 record by 0.6% while US-reported FX options were down 14% from their Q1 2026 record. About one eighth of global FX options were cleared.

This blog covers global notional volumes of cleared rates swaps in quarter two (Q2) 2026, focusing on volumes of OIS, fixed-float IRS and zero-coupon swaps with a material volumes’ share for each currency. In Q2 2026 global core cleared rates swaps volumes were US$262 trillion notional – up 23% YoY but down 17% from their Q1 2026 record. Despite the sharp QoQ volume declines, YoY increases indicate an upward longer-term volume trajectory for most currencies.

This blog reviews Q2 2026 US-reported volumes and D2D platform market shares of major currency cross-currency swaps risk-trading, continuing the quarterly series from Q1 2026 cross-currency swap volumes and market shares. In Q2 2026 major currency cross-currency basis swaps: Year-on-year (YoY) notional volumes were down 4.3%, trade counts were down by 17%, but average trade sizes increased by 15%.

This blog reviews Q2 2026 D2D platform market shares of major currency rates swaps risk-trading, continuing the quarterly series from Q1 2026 shares of D2D platform core rates swaps. Q2 2026 saw the following D2D platform market share leaders and shifts in each major currency: USD SOFR swaps were led by ICAP with a 31.4% share. There was a 5.2% YoY shift from the IDB-originated platforms to the more electronic platforms – Dealerweb and RTX.

At the end of March, clearing houses published their Q1 2026 CPMI-IOSCO Quantitative Disclosures. This blog focuses on cleared IM for rates swaps, credit derivatives (CRD) and exchange-traded derivatives (ETD) together with a sample of the other disclosures.

This blog looks at Q1 2026 volumes of US-reported compression of cleared “core” rate swaps (meaning OIS, fixed float IRS, and basis swaps). Q1 2026 saw cleared core swap compression volumes of $56 trillion ($49.7 trillion OIS, $5.6 trillion IRS, and $0.5 trillion basis swaps) – up 43% year-on-year (YoY).

Capitolis has launched multilateral FX initial margin optimization (IMO) runs, taking on the long-standing FX IMO services of LSEG and OSTTRA. Word of the launch came in while I was working on this update on Clarus volumes related to FX IMO. The successful entrance of new vendors always adds interesting new angles to this type of research. All data are sourced from SDRView and CCPView. In Q1 2026, FX IMO runs generated $924 billion notional of deliverable pair NDF trades – up 13% YoY.