14 Oct 2012

LCH.Clearnet Ltd : $354.4 trillion of OTC Interest Rate Swaps this year

When I downloaded the BIS data for 2011 last weekend, I was annoyed to see that, yet again, LCH.Clearnet Ltd had neglected to provide details of their levels of transactions. As a result, any attempt to estimate the level of transactions for the UK is almost meaningless. The BIS figures in 2008 showed that LCH.Clearnet managed an impressive £862.6 trillion (of which £745 trillion were "exchange-traded derivative contracts". However, as you can see from the table below (taken from page 405 of the BIS report),  the numbers for 2010 and 2011 are both "nav" (Not available).

But, fear not. It looks like LCH.Clearnet is still doing well. They provide daily numbers for the levels of Over the counter (OTC) Interest Rates Swaps. And their web site today shows that on Friday the 12th of October, they managed to clear $1,863,334,640,045 ($1.8 trillion) in a single day. And you can see from the graph below that 2012 is turning out to be a bumper year.
The total so far this year is $298,599,162,468,235 (nearly €300 trillion), and if we include the last three months of 2011 (to make a full year) we get a total of $354.5 trillion.

As I have complained before, the website only provides details for just one of their "business streams". For the others, it's anyone's guess.

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