The industry’s progress in reducing counterparty credit risk.
ISDA and the industry are committed to expanding clearing and portfolio compression efforts as part of the overall goal to reduce counterparty risk. Our progress is reflected by the increasing range and volume of transactions that are cleared and compressed.
The size of the CDS market has been reduced by more than 75 percent through a combination of clearing and compression; more than $15 trillion has been centrally cleared while portfolio compression has eliminated more than $70 trillion.
Over 40 percent of the interest rate swaps market is now centrally cleared. Another $106 trillion of interest rate swaps has been eliminated due to portfolio compression.
Below is a list of analyses of existing clearing services, comment letters to regulators and industry commitments related to ISDA and the industry’s work in OTC derivatives clearing and portfolio compression. Additional information on clearing and portfolio compression is available from TriOptima triReduce and ICE Clearing.
To learn more about ISDA’s work in the industry’s clearing commitments to regulators, visit the G20 Commitments page.
Latest
Natixis CIB Adopts ISDA’s DRR
ISDA has announced that Natixis CIB has adopted ISDA’s Digital Regulatory Reporting (DRR) solution, enabling the bank to meet regulatory reporting requirements more efficiently and accurately. The ISDA DRR uses the Common Domain Model (CDM) – an open-source data standard...
Paper on MIFIR PTT
On April 7, ISDA, the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA) and the European Banking Federation (EBF) published a paper on proposals relating to post-trade transparency (PTT) under the Markets in Financial Instruments...
Data Integrity for Single-sided Reporting
On April 2, ISDA published a paper on why single-sided reporting does not compromise the quality and integrity of data received by supervisors. The paper addresses concerns among regulators that moving from dual-sided reporting would adversely affect the quality of...
Paper on Removal of SI Regime
On April 2, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published an update to a paper, originally published in October 2025, on the practical implications of the systematic internalizer (SI) regime...