ISDA Issues Monthly Swaps Analysis for February 2014
ISDA issued monthly swaps analysis for February 2014 as part of its new "SwapsInfo" website to enhance transparency in over-the-counter ("OTC") derivatives markets. The monthly swaps analysis takes a "periodic look at the data to discern key trends." According to the swaps report, the key trends include the following:
- total cleared notional amounts steadily rising since January 2013, driving total rates of notional amounts (cleared and uncleared) higher;
- total uncleared notional amounts rose more modestly from January 2013 through January 2014;
- SEF notional amounts steadily growing, rising 28% since October 2013 (SEF trading now represents roughly 40% of total rates' notional amounts);
- total reported notional amounts grew across FRA, fixed-floating IRS and OIS categories (the sharpest increases were observed in OIS, which grew 196% from January 2013 through January 2014); and
- to date, the data did not indicate any meaningful changes to rates' average daily trade size for any rates category.