Interest rate swaps
Choppy Q1 precedes big Q2 for US rates books
Interest rate and inflation swaps hit notional records, filings show, while mutual funds pile into Euribor and Sonia swaptions
Hedge funds reload UK rates bets after euro-led rout
Traders slowly returning to sterling market after ECB comments caused front-end and curve stop-outs
Hedge funds return to JGB flatteners after brutal stop-outs
Funds bet repatriation of assets by Japan’s pension funds will driver further long-end yield compression
Tradeweb streamlines bilateral swap unwinds
After sterling IRS termination, platform eyes electronic credit checking and CSAs
CME aims to offer client UST cross-margining internally in 2027
CCP has filed initial proposal with SEC; wants to offer more products than joint FICC programme
Supersize me: top US houses grab bigger share of pie
Dealer Rankings 2026: For US funds and insurers, filings show more business going to five domestic dealers
Ucits funds ramped up macro trades in latest data
Counterparty Radar: FX forwards and rate swaps set records last year, with inflation and index CDS books also booming
Citadel, Millennium lead US funds to JSCC as JGB yields soar
Ten US funds represent 25% of client-cleared yen swaps at Tokyo CCP after CFTC relief
US funds become fixed-rate payers in swap market
Counterparty Radar: Since 2021, receiver swaps have dominated US mutual fund positions; in the latest data, the sector’s book flips round
MBS convexity hedging: back with a vengeance, or ghost story?
More bonds now sit with active hedgers but market is split on whether flows can move US rates again
How Pimco, Capital Group funds bet on falling US rates
Counterparty Radar: Inflation hedge would soften impact for Capital Group; Pimco’s swaptions structures targeted modest decline
EBA’s repack answers leave dealers guessing
Spire dealers are split – some see worst-case scenario, others assume gentler treatment
BDC bank borrowing capacity rebounds after multi-year slide
The 20 largest BDCs added $11 billion in bank commitments in Q1, despite recent scrutiny
Many Eurex accounts remain inactive as reporting deadline looms
More than 80% of euro swaps clearing accounts opened by buy-side firms are yet to see any activity
US regional banks tilt hedges towards lower rates in Q1
KeyCorp, Citizens lead way with heavy receive-fixed swaps portfolio
LCH and ASX eye Australia repo clearing
CCPs in talks with dealers as bond boom fuels growing demand for financing
NeoClear enters battle for euro swaps clearing
Paris-based CCP to challenge Eurex and LCH with planned 2027 launch
How the Iran war wreaked havoc on consensus US rates trades
Hedge fund steepeners, swap spreads and vol-selling strategies were hit as conflict forced stop-outs during March
Hedge funds retreat to sidelines in euro steepeners
Rate hike repricing and stop-losses have gutted positioning in once-dominant 10s30s bet
Inflation shock upends Aussie dollar rates flatteners
Hedge funds’ front-end curve trades stopped out as Iran conflict drove RBA terminal rate pricing higher
LSEG’s TradeAgent to challenge swap confirmation monopoly
Post-trade platform aims to extend clearing efficiencies to bilateral markets beyond SwapAgent