Trends: Voluntary Clearing: Buy Side, CDX and CDS Canadian Annual Derivatives Conference Lisa A. Cavallari, CAIA, FRM Director, Fixed Income Derivatives and Commodities DECEMBER
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BUY-SIDE SINGLE NAME CLEARING UPDATE CONTINUED MOMENTUM IN Quarterly Notional in $ Billions $40 $30 $20 $10 Cleared Client Single Name Notional Quarterly vs. Cumulative $250 $150 Cumulative Notional in $ Billions 150 Single Name Clients Single Name Instrument Breakdown 100 59 $1.13 $4.41 $7.02 $24.1 $40.2 50 $4.35 0 $4.66 $21.96 $106.9 Accts* Accts* Accts* Accts* *Count is at the Fund Manager level, not sub account level Sov NA Corp Eur Corp INTERCONTINENTAL EXCHANGE
BUY-SIDE SINGLE NAME CLEARING UPDATE SINCE INCEPTION SN User by Entity Type Activity by Submission Type 19 18 81 Asset Manager Hedge Fund Non-Member Bank Notional ($ Bns) $150 Daily Backloading Eligible Instruments 300 200 100 0 ICC Clearable Single Name Overview 235 248 182 158 26 34 NA SN EUR SN SOV SN Cleared Clearing Eligible INTERCONTINENTAL EXCHANGE
EM CDX AND ITRAXX SENIOR FINANCIAL INDICES STRONG MARKET UPTAKE DESPITE NO MANDATE TO CLEAR CDX Emerging Market Index Notional Quarterly vs. Cumulative Quarterly Notional in $ Billions $35 $30 $25 $20 $15 $10 $5 $250 $150 Cumulative Notional in $ Billions Quarterly Notional in $ Billions $160 $140 $120 $80 $60 $40 $20 itraxx Senior Financial Index Notional Quarterly vs. Cumulative $1 200 $1 000 $800 $600 $400 Cumulative Notional in $ Billions INTERCONTINENTAL EXCHANGE