Margin rules push interdealer inflation swaps to clearing

Traders say 95% of the market now cleared, compared with 10% a month ago


The proportion of interdealer inflation swaps being cleared voluntarily has increased dramatically since new derivatives margining rules came into force, rising from around 10% of the market to 95% in just over a month.

Inflation swaps have been able to be cleared at LCH since April 2015, but take-up in the interdealer community was slow. On August 1, a month before the new non-cleared over-the-counter derivatives margin regime took force, just 30 euro, sterling and US dollar inflation swaps

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