Something has changed at CME Group in the past two months. Prior to August, its biggest month for interest rate swap clearing was October 2010 - the service's launch month - when volume reached $661.5 million. But volume jumped to $1.2 billion in August, before a spike to $26.8 billion in September so far. The same pattern can be seen in credit default swaps (CDSs).
Dealers say much of this surge in activity can be chalked up to a single, large client testing how the clearing framework holds up