The latest ISDA SwapsInfo Quarterly Review shows that trading volumes for both interest rate derivatives (IRD) and credit derivatives decreased during the first half of 2021 compared to the first half of 2020.
Key highlights for the first half of 2021 include:
- IRD traded notional decreased by 16.0% to $121.0 trillion in the first half of 2021 from $144.0 trillion in the first half of 2020. Trade count grew by 9.8% to 981.0 thousand from 893.4 thousand over the same period.
- Cleared IRD transactions represented 75.7% of total traded notional and 71.5% of total trade count.
- IRD traded on a swap execution facility (SEF) represented 69.8% of total traded notional and 67.3% of total trade count.
- Credit derivatives traded notional decreased by 26.1% to $4.5 trillion in the first half of 2021 from $6.1 trillion in the first half of 2020. Trade count dropped by 29.8% to 118.7 thousand from 169.1 thousand over the same period.
- Cleared credit derivatives transactions represented 80.4% of total traded notional and 83.8% of total trade count.
- SEF-traded credit derivatives represented 80.1% of total traded notional and 83.5% of total trade count.
Click on the attached PDFs to read the full summary and/or full report.
Documents (2) for SwapsInfo First Half of 2021 and the Second Quarter of 2021 Review
Latest
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...
ISDA Omnibus Canadian Representation Letter
On September 2, ISDA published the Omnibus Canadian Representation Letter, which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The Omnibus Canadian Letter is designed...
Joint Response on Cross-margining
On August 31, ISDA and FIA submitted a letter to the US Commodity Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) on the agencies’ joint request for comment on the implementation of portfolio margining and cross-margining...
Accounting for Carbon Credits: Latest Developments
This paper updates and extends the analysis set out in ISDA’s October 2023 paper on accounting for carbon credits. While preserving the original focus on the accounting treatment of voluntary carbon credits (VCCs) and compliance carbon credits (CCCs), it expands...