US fund filings show CME taking bite out of LCH swaps share

Counterparty Radar: Rivals neck-and-neck after big LCH user cuts rate swaps book and non-G10 trades surge


There’s an eye-catching story about interest rate swap clearing buried in US mutual fund filings, which only becomes apparent when the data is scraped, aggregated and plotted over time: between the start of last year and the start of this, CME Group edged ahead of LCH as the sector’s clearing house of choice, reversing the huge advantage LCH had enjoyed.

In the first quarter of 2020, more than 70% of the $915.8 billion in swaps held by the top 25 fund managers were cleared at LCH, with CME

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