European clearing obligations succeeded in pushing more derivatives trades through central counterparties (CCPs), a report by the European Securities and Markets Authority (Esma) shows.
The share of cleared interest rate derivatives rose to 58% from 40% over the course of 2017, equivalent to €266 trillion of notional exposure, and that for credit derivatives to 27% from 25%, around €3.2 trillion in notionals.
These two categories made up the vast majority of total cleared swaps.
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