LCH SwapClear, the London-based central counterparty’s interest rate swaps clearing service, compressed $774 trillion of derivatives notionals in 2018, an increase of 27% on 2017. Total swap notionals cleared last year grew 23% on 2017 to$1,077 trillion. The compression run rate – the notionals compressed as a share of total notionals – was 72% in 2018, compared with 70% in 2017, 58% in 2016, and 62% in 2015.

Total notionals compressed have increased 136% since 2015, compared with a growth