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IR Futures – ADVs and OI in major currencies

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We look at recent Average Daily Volume (ADV) and Open Interest (OI) of the major IR futures:

  • Money Market and Bond Futures
  • AUD, BRL, CAD, CHF, EUR, GBP, JPY and USD
  • Relative size by ADV and OI on a comparable dollar notional basis
  • Trends and market share in SOFR, SONIA and GBP Libor

MM Futures in major ccys

In CCPView we select MM Futures in the six major derivative currencies plus BRL and CHF.

ADV in Feb-21 of MM Futures (usd millions)
  • USD at CME the largest with $3.6 trillion ADV in Feb-21, from Eurodollar, FedFunds and SOFR
  • EUR at ICE, the next largest with $1 trillion ADV from Euribor
  • GBP at ICE & LCH, not far behind with $950 billion ADV in Feb-21
  • CAD at TMX with $90 billion
  • AUD at ASX with $70 billion
  • BRL at B3 with $35 billion
  • CHF at ICE with $30 billion
  • JPY at TFX with $2 billion

And changing to Open Interest and by futures contract within currency.

Open Interest Feb-21 of MM Futures (usd millions)
  • CME Eurodollar by far the largest with $11.3 trillion
  • CME FedFunds with $5.9 trillion
  • ICE Euribor $4.3 trillion
  • ICE Short Sterling $3.2 trillion
  • CME SOFR $1.8 trillion
  • TMX BAX $1.2 trillion
  • ASX Bank Bill Futures $700 billion
  • B3 1D IB Deposit $450 billion
  • ICE Sonia $290 billion
  • ICE EuroSwiss $270 billion
  • TFX Euroyen $210 billion
  • CurveGlobal Sterling $200 billion

Bond Futures in major ccys

Next in CCPView we select bond futures in these currencies.

ADV in Feb-21 of Bond Futures (usd millions)
  • USD at CME, by far the largest with $790 billion ADV in Feb-21
  • EUR at Eurex, the next largest with $300 billion ADV
  • GBP at ICE with $63 billion
  • JPY at JPX with $53 billion
  • AUD at ASX with $36 billion
  • CAD at TMX with $22 billion

And changing to Open Interest.

Open Interest Feb-21 of Bond Futures (usd millions)
  • CME T-Note and T-Bond with $1.5 trillion OI
  • Eurex Bond Futures with $680 billion
  • ASX Australian Bonds with $200 billion
  • JPX JGB with $160 billion
  • ICE Long Gilt with $80 billion
  • TMX CGB with $66 billion

Let’s next turn to Risk Free Rates, SOFR and SONIA.

SOFR Futures

ADV in SOFR Futures in usd millions (up to 19-Mar-21)
  • Steadily increasing ADV from $190 billon to $290 billion
  • CME SOFR with $240 billion ADV (over the first 3-weeks in March)
  • ICE SOFR with $50 billion
  • CME SOFR ADV share increasing from 60% to 83% over the period
  • ICE SOFR ADV share dropping from 40% to 17%
  • While in OI terms CME share is 93% and ICE 7%

SONIA Futures

ADV in SONIA Futures in gbp millions (up to 19-Mar-21)
  • Steadily increasing ADV and a sharp jump in Feb-21 (market volatility)
  • ICE SONIA with £124 billion ADV (over the first 3-weeks in March)
  • CurveGlobal SONIA with £12.9 billion ADV
  • CME SONIA with £9.5 billion
  • ICE ADV share ranging from 72% to 88% over the period
  • CME ADV a high of 25% in Sep-20 and 7% in Mar-21
  • CurveGlobal up from 2% in Sep-20, a high of 20% in Jan-21 and 9% in Mar-21
  • (See CurveGlobal 12-month trading fee waiver from Oct-20)
  • The current OI share is ICE 81%, CurveGlobal 11% and CME 8%

Sterling Libor Futures

Finally lets see what impact the CurveGlobal trading fee waiver is having in sterling Libor.

ADV in Sterling Futures in gbp millions (up to 19-Mar-21)
  • Flat ADV up to Jan-21 but then a big jump in Feb-21 (market volatility)
  • ADV in Mar-21 at £380 billion more than double the Sonia ADV
  • ICE SONIA with £364 billion ADV (over the first 3-weeks in March)
  • CurveGlobal SONIA with £22 billion ADV
  • CurveGlobal ADV share a high of 9% in Jan-21 and now 5.7%
  • So the trading fee waiver having a significant impact here too
  • ICE with a high of 99.6% ADV share and now 94.3%
  • Current OI share is ICE 93.6%, CurveGlobal 6.4%

That’s It

CCPView has data on all major IR Futures.

Daily Volumes, Open Interest and ADVs.

To compare volume trends and market share trends.

In number of contracts, currency or dollar terms.

As we near the end of Libor.

The SOFR and SONIA contracts are ones to keep a close eye on.

If you are interested in this data, please contact us

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Source: https://www.clarusft.com/ir-futures-advs-and-oi-in-major-currencies/?utm_source=rss&utm_medium=rss&utm_campaign=ir-futures-advs-and-oi-in-major-currencies

Fintech

HSBC Rolls Out Recycled Plastic Payment Cards

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We’ve seen a widening range of ways that fintechs and financial services companies are responding to the global crisis of climate change. Finovate Best of Show winner Meniga, as just one example, teamed up with Iceland’s Islandsbanki earlier this year to launch its carbon footprint tracking, green banking solution, Carbon Insight. In March, we looked at 25 different fintech companies that were “going green” with initiatives that ranged from leveraging customer deposits to fund “climate-positive projects” to helping investors build portfolios of low carbon companies.

Today we learned that HSBC is commemorating this year’s Earth Day with news that it plans to eliminate single-use PVC plastic payment cards by the end of 2026. Instead, the bank will use recycled PVC plastic (rPVC), a shift already underway in markets like Malaysia and Sri Lanka. The new cards, part of HSBC’s goal of reducing its carbon emissions and reaching net zero in both operations and supply chain by 2030, are expected to reach the U.K. by summer, with markets in South Asia and North America – including the U.S. – getting the new cards by the end of the year.

“This is another step as we move towards a net zero business, to help the bank and our customers make a positive impact on the environment,” HSBC group head of retail banking products Richard Harvey said.

An issuer of 23 million cards a year, the transition to the rPVC-based cards is expected to reduce CO2 emissions by 161 tons a year. The switch will also result in a significant reduction in plastic waste — by 73 tons a year.

Not all who heard HSBC’s Earth Day message were moved, unfortunately. A small group of climate change activists broke windows at the bank’s Canary Wharf headquarters as part of a protest against HSBC’s business with fossil fuel-based companies. Nine women were eventually arrested in the protest, which was planned by a group called Extinction Rebellion.

And while the incident likely took some of the shine away from the HSBC’s environment-positive messaging, when it comes to Earth Day activism, it could have been worse


Photo by Anete Lusina from Pexels

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://finovate.com/hsbc-rolls-out-recycled-plastic-payment-cards/

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Fintech

US, Canada lead in open banking adoption, with 16 million using API

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Sixteen million consumers in the United States and Canada are using the Financial Data Exchange’s (FDX) open banking and finance API, according to data reported by the nonprofit financial sector standards organization Wednesday. Open banking allows third-party vendors to access data collected by banks and financial institutions using software gateways, or APIs, and FDX works […]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bankautomationnews.com/allposts/infrastructure/us-canada-lead-in-open-banking-adoption-with-16-million-using-api/

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Fintech

FinovateSpring Digital 2021 Sneak Peek: FINBOA

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

FINBOA’s workplace automaton platform and workflow solutions, including Regulation E Dispute Tracking, transform compliance processing for banking institutions, increasing efficiency by 80-90%.

Features

  • Improve efficiency and customer experience with process automation
  • Reduce regulatory deficiencies and compliance risk with workflow solutions
  • Increase information access with centralized data management

Why it’s great
With impactful, easy to adopt, and quick to deploy process automation solutions, FINBOA helps banks and credit unions improve compliance, efficiency, and customer experience enterprise-wide.

Presenters

Dave Hunkele, Advisor to FINBOA
Hunkele advises FINBOA through his company, Kreativelabs Consulting, and works with fintechs, financial institutions, and industry associations helping organizations innovate, grow, and transform.
LinkedIn

Raj Singal, CEO & Founder
Singal is the CEO & Founder of FINBOA. He is a leading innovator in back-office process automation solutions for banks and credit unions.
LinkedIn

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-finboa/

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Fintech

FinovateSpring Digital 2021 Sneak Peek: Quantum Metric

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

Quantum Metric helps organizations build better digital products faster. Our platform for Continuous Product Design gives business and IT teams a fast and quantified single version of truth.

Features

  • Enables real-time data driven decision making
  • Aligns siloed teams like business and IT
  • Centers the product design process around customer interactions

Why it’s great
Quantum Metric helps companies increase organizational alignment and digitally transform their customer experiences.

Presenters

Jake Canaan, Sales Engineering Manager
Canaan leads the Solutions Engineering teams in the Northeast and Great Lakes for Quantum Metric. He is based in Washington, DC.
LinkedIn

Trevor Pyle, Director of Product Marketing
Pyle is a Director of Product Marketing focused on the core Quantum Metric platform. He is based in beautiful Denver, Colorado.
LinkedIn

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-quantum-metric/

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