Strength turns to weakness for old OTC market

Non-cleared notional falls $36 trillion as costs and complexity grow


This is the first in a series of four articles examining the future of the non-cleared swaps market. The second article is available here, the third is here, and the fourth is here.

The old-style swaps market – bilateral, bespoke, flexible – is in decline. Its traditional strengths increasingly look like fatal flaws, and the best hope dealers can muster is the revival of a standardisation project that has already failed once.

After an estimated 30% drop in notional outstanding last year

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here