Total USD interest rate swaps (IRS) trading volumes on Trad-X, Tradition group’s interest rate derivatives platform, have surpassed USD 2.5 trillion since its launch four years ago, with 2015 alone accounting for over half of this total volume.
Over 15,000 USD IRS trades have been executed on Trad-X since the beginning of January, equating to a notional volume of $1.6 trillion, making TraditionSEF the largest interdealer-broker by market share with 32.7% in October. In addition, over 1,950 EUR trades were executed on Trad-X during the same period, bringing the total notional volume of EUR IRS trades to €900 billion. At the same time, GBP traded 135 times with a notional of £2.25 billion.
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.
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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.”