Cleared swaps

Access the most capital-efficient solution for Interest Rate swaps cleared across 24 currencies.

Clearing the way forward

Capture unmatched capital efficiencies across futures, options, and swaps. Uncover opportunities in our market-leading emerging market currencies, gain exposure to a liquid cleared SOFR market, and access margin services that have saved market participants an average of $7.7 billion in daily margin costs.

What's new

Check out the latest from cleared swaps.

Cleared Swaps Products

Explore our cleared swaps

With a best-in-class global clearing solution across Interest Rates and FX, CME Group is the only clearing house to offer clearing for Interest Rate swaps, swaptions, and Interest Rate futures within a single netting pool.

PRODUCTS

Latin American swaps

Capitalize on a deeply liquid market using clearing for Latin American swaps at CME Group, where more than 50 Latin American-based clients have cleared to date. Benefit from a leading collateral acceptance policy that includes MBONOS and Cetes.

Discover a more capital-efficient clearing solution covering 24 currencies of interest rate swaps and offering unparalleled savings via margin offsets against Eurodollar futures and options, SOFR futures, Treasury futures, and Fed Funds futures.

AVERAGE DAILY MARGIN SAVINGS IN IRS AND FUTURES PORTFOLIOS IN JULY 2022

$7.7 billion

$1.8 billion

Average Savings

50%

$1.5 billion

CUSTOMER ACCOUNTS

600+

Access clearing services for SOFR-based Interest Rate swaps for both the outright OIS and Basis Swaps and experience seamless trades between SOFR and the existing benchmarks.

NOTIONAL VALUE OUTSTANDING

$1.4 trillion

Notional value of cleared SOFR Swaps to date

$3.4 trillion

Participants have cleared SOFR Swaps

320

Enhance your capital efficiencies with our market-leading clearing solution, which offers regular compression cycles for Brazilian, Colombian and Mexican swaps.

PARTICIPANTS CLEARING AT CME TO DATE

300+

AVG DAILY VOLUME IN 2021 LATAM IRS

$32.6 billion

CHILEAN CAMARA AND COLOMBIAN IBR OIS AVG DAILY VOLUME IN 2021

$5.2 billion

Stay ahead of global regulations with a cash-settled FX clearing solution that provides superior cost and capital efficiencies compared to physically-delivered products and cross-margining against all OTC FX products.

Cash-Settled Forwards

26

Non-Deliverable Forwards

11

Cash-Settled Options

7

Resources

View fees, volume, mandated products, related methodologies and more.

Tool

CME CORE

Use our interactive margin calculator to evaluate your initial margin requirements. Run indicative margin requirements through manual entry or file upload on all CME Group products, both listed and OTC.

Use cases

Eurodollar options­­

By margining Eurodollar options along with Interest Rate futures and cleared swaps, CME Group clients can save up to 83% in initial margin.

"Morgan Stanley is excited to support our clients by expanding our portfolio margin offering to include Eurodollar options with Interest Rate futures and cleared swaps. With clients very focused on margin costs, this is an important enhancement for the marketplace.”


Jason Swankoski, Co-head of Derivatives Clearing Americas­

CME Margin Services

Facilitating capital efficiencies for a capital-constrained world

Learn how cleared swaps can help you save on overnight funding costs and provide indicative margin savings.

Margining tools

Run indicative margins across your portfolio—including CME Group futures, options, and OTC.
 
 

Getting started

Take advantage of our streamlined onboarding and the operational efficiences of OTC Interest Rates and FX swaps through CME Clearing.
 

Eligible collateral

Enjoy the flexibility of posting collateral with CME Clearing, where US dollars, asset-backed securities and agency bonds are among the accepted ranges.

Stay in the Know

Get news and updates about cleared swaps on LinkedIn.

Contact the cleared swaps team

Connect with a member of our expert cleared swaps team for more information about our products.

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Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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