OTC volumes shrink as category two clearing begins in US

Clearing volumes dip as hundreds of new firms are caught by US clearing rules, but activity rebounded on June 11


The volume and number of cleared US dollar interest rate swaps and credit default swap (CDS) indexes fell dramatically on Monday despite hundreds of new firms becoming subject to US clearing rules.

According to Depository Trust & Clearing Corporation data aggregated by software vendor Clarus Financial Technology, the notional value of CDS index swaps cleared on June 10 was $12.3 billion – down 43.4% when compared to June 7 – with 110 trades being cleared, a drop of 44.7%. The notional volume of

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