Half of interest rate swaps now being cleared, says Isda

Over half of all interest rate swaps are now being submitted for clearing with a central counterparty, dramatically reducing the notional value of such products outstanding, according to new analysis from the International Swaps and Derivatives Association (Isda).

Using industry figures from the Bank for International Settlements (BIS) in its latest over-the-counter derivatives market analysis, Isda concluded that correcting for double counting of cleared contracts reduces the notional