OTC Clearing: 2017 In Review

2017 At A Glance

  • Over 480 global clients cleared interest rate swaps at CME in 2017
  • Over $22.5 billion per day cleared in emerging markets currencies
  • Mexican TIIE swaps continued to grow with 52 new clients
  • Brazil Real CDI swaps volume up 151% to $7.6 billion ADV in 2017, including record $12.5 billion ADV in November
  • Korean Won and Indian Rupee had the most successful launches ever

Coming up in 2018

  • Three new swap currencies: CLP, COP and CNY
  • Coupon blending of Non-Deliverable Forwards (NDFs)
  • Portfolio margining of FX futures with cleared NDFs and FX options

Tell us your 2018 clearing priorities

INR OIS & KRW IRS: CME’s Most Successful Launch Ever | Read More

Following the overwhelming success of Mexican TIIE Swap and Brazilian Real CDI Swap clearing, CME expanded its global interest rate clearing solution in July to an industry-leading 21 currencies of swaps with the addition of Korean Won (KRW) NDIRS and Indian Rupee (INR) NDOIS. Both currencies cleared within the first week and have continued to be, by far, the most successful new currency launch in CME cleared swaps.

  • Backloading started in November
  • Since launching in July, KRW and INR accelerated significantly faster than any other EM swap currency such as MXN and BRL
  • A record $3.4 billion notional in KRW & INR swaps cleared on December 8th
  • 27 participants traded and cleared including 17 buyside customers and 10 liquidity providers

CME Cleared OTC FX Options Live in Production
  • Seven currency pairs were launched in November 2017: USDJPY, EURUSD, GBPUSD, AUDUSD, USDCHF, USDCAD & EURGBP
  • A new fixing time on G10 NDFs is now in production to support our OTC FX Options offering, enabling additional flexibility

Seven FX Market Participants Agreed to Clear CME OTC Non-Deliverable Forwards | Read More

  • Three of the four biggest NDF users in the market today have agreed to clear CME OTC NDFs (according to the Euromoney FX survey 2017).
  • All CME Group FX products sit within the Base Guaranty Fund, allowing members to use their existing guaranty fund contribution but also creating portfolio margining opportunities between FX futures and OTC FX products.

52 New Clients Cleared MXN TIIE Swaps in 2017 | Read More

CME is the global leader in TIIE swap clearing averaging $15 Billion (MXN 282B) notional per day in 2017, up +85% from 2016.

  • Over 165 market participants sourced liquidity from 39 dealers
  • Over $6.4 trillion (MXN 119T) in MXN TIIE swaps cleared since launch
  • CME Clearing started to accept MBONOS as well as MXN Peso for initial margin

BRL CDI Swaps Hit New Highs | Read More

In the last 12 months, BRL clearing continued to grow; hitting a record $12.5 billion ADV in November with 46 new participants in 2017.

Now Open | Read More

CME Group Expands Asia Pacific Footprint with Opening of Sydney Office

"Continuing our international expansion is key to servicing the needs of our clients, and having a foothold in Sydney puts us in a better position to support market participants in Australia," said Terry Duffy, Chairman and Chief Executive Officer, CME Group.  "Australia is a key international financial centre and commodity hub, and our office here will enable us to deliver our ever-expanding range of risk management solutions to our growing key client segments across asset managers, banking, commercials, hedge funds and proprietary trading."

A Truly Global CCP

Our regulatory standing in multiple jurisdictions enables you to fulfil your local clearing obligations with CME in multiple locations including: the U.S., Europe, Canada*, Mexico, Australia, Singapore, Hong Kong and Japan.

Multilateral Compression Continued to Expand | Read More

  • CME completed 12 triReduce compression cycles across, 5 currencies, reducing notional outstanding by $6 trillion USDE in 2017
  • April 11 marked our first successful triReduce compression cycle including non-members
  • First ever cleared BRL CDI swap compression run took place September 22, with nine participants educing notional by $206 billion

 

Contacts

New York
Deepa Josyula
+1 212 299 2368

London
Phil Hermon
+44 20 3379 3983

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OTC Clearing

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