Tradition’s Trad-X sees USD interest rate swaps volumes surpass $2.5 trillion


Trad-X, the OTC derivatives trading platform of Compagnie Financiere Tradition SA (SWX:CFT), today announced some impressive operating metrics concerning USD interest rate swaps (IRS).

The company said that total USD interest rate swaps (IRS) trading volumes since launch on Trad-X, have now exceeded $2.5 trillion, with the period starting in January 2015 accounting for more than half of this total volume.

On-SEF USD IRS trading on Trad-X, which commenced in 2011, has kept increasing throughout the first three quarters of 2015. More than 15,000 USD IRS trades have been executed on Trad-X since the start of January, equating to a notional volume of $1.6 trillion.

On top of that, more than 1,950 EUR trades were executed on Trad-X during the same period, bringing the total notional volume of EUR IRS trades to EUR 900 billion ($993bn). At the same time, GBP traded 135 times with a notional volume reaching GBP 2.25 billion ($3.45bn).

Dan Marcus, CEO of Trad-X, said:

“Trading activity on Trad-X has picked up strongly during 2015, and received an average of 10 million orders per day. This strong growth reaffirms our position as the market leader for interest rate swaps across the interdealer broker Central Limit Order Book (CLOB) space.

“The symbiosis of our hybrid platform allows traders greater flexibility in execution whilst providing irrefutable pricing from our unique reference screen, which shows real-time pricing for GBP, EUR and USD interest rate swaps to more than 320 of the most liquid interest rate swap price points.”

Trad-X has also introduced reference screens for GBP, EUR and CAD IRS products for its market-leading CCP switch service for interest rate swaps between CME’s Clearing House and LCH.Clearnet. The screens display indicative pricing purely based on interest from Trad-X participants, offering the market an accurate picture of pricing and liquidity.

Mr. Marcus continues:

“Since the CCP switch service launched last year, we’ve seen a significant rise in volumes and volatility across basis trades. The addition of reference screens for GBP, EUR and CAD will allow participants to hedge more effectively, offset trades and manage risk. We will continue to expand and enhance the service over the coming months.”

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Tradition's Trad-X sees USD interest rate swaps volumes surpass $2.5 trillion

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