SwapClear clears more than 50% of all OTC interest rate swaps and more than 95% of the overall cleared OTC interest rate swap market. We regularly clear in excess of $1 trillion notional per day and have more than 2 million cleared trades outstanding. The following tables illustrate our unmatched depth of liquidity:
Cleared Client OTC IRS (USD billions)
Notional Outstanding by Currency
As of COB May 24, 2013. *Other: CZK, ZAR, NZD, HKD, DKK, SGD, HUF, PLN, SEK, NOK
Volume and Notional Outstanding Totals
| Currency | Daily | YTD | Notional Outstanding |
|---|---|---|---|
| USD | $41,858,916,320 | $4,780,008,921,568 | $2,680,974,158,526 |
| EUR | €109,584,193,000 | €12,564,912,816,270 | €2,270,697,380,867 |
| GBP | £6,644,300,850 | £869,843,844,346 | £343,351,681,652 |
| JPY | ¥194,160,000,000 | ¥105,905,687,094,600 | ¥59,696,819,097,000 |
| CHF | CHF0 | CHF16,877,550,000 | CHF12,997,900,000 |
| AUD | $2,830,300,000 | $346,223,570,000 | $273,001,080,000 |
| CAD | $98,000,000 | $46,849,920,160 | $46,144,540,000 |
| Other* | $1,306,883,551 | $62,272,422,824 | $53,670,889,705 |
| Total in USD | $199,702,415,708 | $24,198,583,577,126 | $7,104,021,774,530 |
Figures as of COB May 24, 2013. *Other: CZK, DKK, HKD, HUF, NOK, NZD, PLN, SEK, SGD, ZAR
Volumes by Product
| Product | USD Equivalent |
|---|---|
| IRS | $27,217,991,320 |
| OIS | $6,000,000,000 |
| Basis | $2,050,000,000 |
| Zeroes | $4,925,000 |
| FRAs | $6,586,000,000 |
| Total | $41,858,916,320 |
| Product | Volume EUR | USD Equivalent |
|---|---|---|
| IRS | €30,804,193,000 | $39,840,603,017 |
| OIS | €77,260,000,000 | $99,924,221,000 |
| Basis | €0 | $0 |
| Zeroes | €0 | $0 |
| FRAs | €1,520,000,000 | $1,965,892,000 |
| Total | €109,584,193,000 | $141,730,716,017 |
| Product | Volume GBP | USD Equivalent |
|---|---|---|
| IRS | £5,599,300,850 | $8,474,261,871 |
| OIS | £1,000,000,000 | $1,513,450,000 |
| Basis | £0 | $0 |
| Zeroes | £45,000,000 | $68,105,250 |
| FRAs | £0 | $0 |
| Total | £6,644,300,850 | $10,055,817,121 |
| Product | Volume JPY | USD Equivalent |
|---|---|---|
| IRS | ¥194,160,000,000 | $1,922,471,409 |
| OIS | ¥0 | $0 |
| Basis | ¥0 | $0 |
| Zeroes | ¥0 | $0 |
| FRAs | ¥0 | $0 |
| Total | ¥194,160,000,000 | $1,922,471,409 |
| Product | Volume CHF | USD Equivalent |
|---|---|---|
| IRS | CHF0 | $0 |
| OIS | CHF0 | $0 |
| Basis | CHF0 | $0 |
| Zeroes | CHF0 | $0 |
| FRAs | CHF0 | $0 |
| Total | CHF0 | $0 |
| Product | Volume AUD | USD Equivalent |
|---|---|---|
| IRS | $1,890,300,000 | $1,825,084,650 |
| OIS | $0 | $0 |
| Basis | $940,000,000 | $907,570,000 |
| Zeroes | $0 | $0 |
| FRAs | $0 | $0 |
| Total | $2,830,300,000 | $2,732,654,650 |
| Product | Volume CAD | USD Equivalent |
|---|---|---|
| IRS | $98,000,000 | $94,956,640 |
| OIS | $0 | $0 |
| Basis | $0 | $0 |
| Zeroes | $0 | $0 |
| FRAs | $0 | $0 |
| Total | $98,000,000 | $94,956,640 |
| Product | USD Equivalent |
|---|---|
| IRS | $1,306,883,551 |
| OIS | $0 |
| Basis | $0 |
| Zeroes | $0 |
| FRAs | $0 |
| Total | $1,306,883,551 |
| Product | USD Equivalent |
|---|---|
| IRS | $80,682,252,458 |
| OIS | $107,437,671,000 |
| Basis | $2,957,570,000 |
| Zeroes | $73,030,250 |
| FRAs | $8,551,892,000 |
| Total | $199,702,415,708 |
| Product | USD Equivalent |
|---|---|
| IRS | $2,723,806,713,829 |
| OIS | $897,766,239,513 |
| Basis | $324,927,748,000 |
| Zeroes | $35,106,220,226 |
| FRAs | $798,402,000,000 |
| Total | $4,780,008,921,568 |
| Product | Volume EUR | USD Equivalent |
|---|---|---|
| IRS | €2,229,369,647,240 | $2,924,083,437,018 |
| OIS | €8,638,939,186,000 | $11,345,898,355,280 |
| Basis | €30,000,000 | $39,198,600 |
| Zeroes | €43,770,439,014 | $57,558,066,687 |
| FRAs | €1,652,803,544,016 | $2,155,280,108,432 |
| Total | €12,564,912,816,270 | $16,482,859,166,017 |
| Product | Volume GBP | USD Equivalent |
|---|---|---|
| IRS | £288,700,256,035 | $447,629,020,437 |
| OIS | £447,680,300,000 | $685,241,651,380 |
| Basis | £4,175,650,000 | $6,436,085,350 |
| Zeroes | £884,638,310 | $1,396,927,482 |
| FRAs | £128,403,000,001 | $197,634,737,147 |
| Total | £869,843,844,346 | $1,338,338,421,796 |
| Product | Volume JPY | USD Equivalent |
|---|---|---|
| IRS | ¥96,184,517,094,600 | $1,012,259,226,849 |
| OIS | ¥0 | $0 |
| Basis | ¥6,552,670,000,000 | $69,581,242,093 |
| Zeroes | ¥2,088,500,000,000 | $21,666,880,331 |
| FRAs | ¥1,080,000,000,000 | $12,112,330,852 |
| Total | ¥105,905,687,094,600 | $1,115,619,680,125 |
| Product | Volume CHF | USD Equivalent |
|---|---|---|
| IRS | CHF16,606,050,000 | $17,733,803,219 |
| OIS | CHF100,000,000 | $107,550,011 |
| Basis | CHF171,500,000 | $182,192,622 |
| Zeroes | CHF0 | $0 |
| FRAs | CHF0 | $0 |
| Total | CHF16,877,550,000 | $18,023,545,852 |
| Product | Volume AUD | USD Equivalent |
|---|---|---|
| IRS | $315,731,070,000 | $323,990,738,742 |
| OIS | $0 | $0 |
| Basis | $27,392,500,000 | $28,147,166,800 |
| Zeroes | $3,100,000,000 | $3,151,500,000 |
| FRAs | $0 | $0 |
| Total | $346,223,570,000 | $355,289,405,542 |
| Product | Volume CAD | USD Equivalent |
|---|---|---|
| IRS | $45,499,920,160 | $44,848,301,052 |
| OIS | $750,000,000 | $727,237,467 |
| Basis | $600,000,000 | $596,474,883 |
| Zeroes | $0 | $0 |
| FRAs | $0 | $0 |
| Total | $46,849,920,160 | $46,172,013,402 |
| Product | USD Equivalent |
|---|---|
| IRS | $53,617,060,230 |
| OIS | $0 |
| Basis | $0 |
| Zeroes | $527,812,638 |
| FRAs | $8,127,549,956 |
| Total | $62,272,422,824 |
| Product | USD Equivalent |
|---|---|
| IRS | $7,547,968,301,376 |
| OIS | $12,929,741,033,651 |
| Basis | $429,910,108,348 |
| Zeroes | $119,407,407,364 |
| FRAs | $3,171,556,726,387 |
| Total | $24,198,583,577,126 |
| Product | USD Equivalent |
|---|---|
| IRS | $1,249,342,409,887 |
| OIS | $566,217,528,413 |
| Basis | $326,707,000,000 |
| Zeroes | $34,139,220,226 |
| FRAs | $504,568,000,000 |
| Total | $2,680,974,158,526 |
| Product | Volume EUR | USD Equivalent |
|---|---|---|
| IRS | €699,563,098,440 | $904,779,933,367 |
| OIS | €1,064,241,716,000 | $1,376,437,023,389 |
| Basis | €2,938,000,000 | $3,799,862,300 |
| Zeroes | €38,686,766,427 | $50,035,529,359 |
| FRAs | €465,267,800,000 | $601,754,109,130 |
| Total | €2,270,697,380,867 | $2,936,806,457,545 |
| Product | Volume GBP | USD Equivalent |
|---|---|---|
| IRS | £94,907,837,552 | $143,638,266,744 |
| OIS | £162,060,000,000 | $245,269,707,000 |
| Basis | £8,319,950,000 | $12,591,828,328 |
| Zeroes | £721,894,099 | $1,092,550,624 |
| FRAs | £77,342,000,001 | $117,053,249,902 |
| Total | £343,351,681,652 | $519,645,602,598 |
| Product | Volume JPY | USD Equivalent |
|---|---|---|
| IRS | ¥53,122,249,097,000 | $525,988,901,401 |
| OIS | ¥0 | $0 |
| Basis | ¥5,486,070,000,000 | $54,320,213,872 |
| Zeroes | ¥1,088,500,000,000 | $10,777,761,275 |
| FRAs | ¥0 | $0 |
| Total | ¥59,696,819,097,000 | $591,086,876,548 |
| Product | Volume CHF | USD Equivalent |
|---|---|---|
| IRS | CHF12,526,400,000 | $13,052,412,212 |
| OIS | CHF100,000,000 | $104,199,229 |
| Basis | CHF371,500,000 | $387,100,135 |
| Zeroes | CHF0 | $0 |
| FRAs | CHF0 | $0 |
| Total | CHF12,997,900,000 | $13,543,711,576 |
| Product | Volume AUD | USD Equivalent |
|---|---|---|
| IRS | $241,561,580,000 | $233,227,705,490 |
| OIS | $0 | $0 |
| Basis | $28,339,500,000 | $27,361,787,250 |
| Zeroes | $3,100,000,000 | $2,993,050,000 |
| FRAs | $0 | $0 |
| Total | $273,001,080,000 | $263,582,542,740 |
| Product | Volume CAD | USD Equivalent |
|---|---|---|
| IRS | $42,841,040,000 | $41,510,624,485 |
| OIS | $750,000,000 | $726,708,977 |
| Basis | $2,553,500,000 | $2,474,201,831 |
| Zeroes | $0 | $0 |
| FRAs | $0 | $0 |
| Total | $46,144,540,000 | $44,711,535,293 |
| Product | USD Equivalent |
|---|---|
| IRS | $45,595,053,813 |
| OIS | $0 |
| Basis | $0 |
| Zeroes | $0 |
| FRAs | $8,075,835,891 |
| Total | $53,670,889,704 |
| Product | USD Equivalent |
|---|---|
| IRS | $3,157,135,307,399 |
| OIS | $2,188,755,167,008 |
| Basis | $427,641,993,716 |
| Zeroes | $99,038,111,484 |
| FRAs | $1,231,451,194,923 |
| Total | $7,104,021,774,530 |
Figures as of COB May 24, 2013. *Other: CZK, DKK, HKD, HUF, NOK, NZD, PLN, SEK, SGD, ZAR
Notional Outstanding by Product
As of COB May 24, 2013
Daily Notional by Tenor
As of COB May 24, 2013
Notional Outstanding by Tenor
As of COB May 24, 2013
Monthly Notional Volumes
Data as of month end.
Monthly Notional Outstanding
Data as of month end.
Monthly Trades Registered
Data as of month end.
Monthly Trades Outstanding
Data as of month end.
Volume and Notional Outstanding Totals
| Currency | Daily | YTD | Notional Outstanding |
|---|---|---|---|
| USD | $221,961,750,640 | $60,388,610,355,654 | $121,426,699,496,388 |
| EUR | €727,641,837,520 | €91,616,355,446,705 | €136,080,799,388,414 |
| GBP | £64,888,704,099 | £16,285,941,767,409 | £27,081,821,843,879 |
| JPY | ¥4,164,896,000,000 | ¥722,676,043,375,050 | ¥2,611,495,071,163,752 |
| CHF | CHF4,153,400,000 | CHF1,318,166,841,332 | CHF3,743,107,964,986 |
| AUD | $13,793,660,000 | $1,684,042,780,400 | $5,087,601,592,348 |
| CAD | $29,931,420,000 | $2,736,948,076,483 | $6,149,507,407,347 |
| Other* | $36,947,101,554 | $4,654,111,407,678 | $10,157,491,260,620 |
| Total in USD | $1,386,096,365,870 | $224,053,496,691,147 | $389,199,848,134,486 |
Figures as of COB May 24, 2013. *Other: CZK, DKK, HKD, HUF, NOK, NZD, PLN, SEK, SGD, ZAR
Volumes by Product
| Product | USD Equivalent |
|---|---|
| IRS | $153,377,900,640 |
| OIS | $28,100,000,000 |
| Basis | $10,082,000,000 |
| Zeroes | $1,487,850,000 |
| FRAs | $28,914,000,000 |
| Total | $221,961,750,640 |
| Product | Volume EUR | USD Equivalent |
|---|---|---|
| IRS | €263,687,597,520 | $341,040,354,252 |
| OIS | €383,908,240,000 | $496,527,722,204 |
| Basis | €0 | $0 |
| Zeroes | €46,000,000 | $59,494,100 |
| FRAs | €80,000,000,000 | $103,468,000,000 |
| Total | €727,641,837,520 | $941,095,570,556 |
| Product | Volume GBP | USD Equivalent |
|---|---|---|
| IRS | £23,703,523,699 | $35,874,097,942 |
| OIS | £24,210,000,000 | $36,640,624,500 |
| Basis | £857,000,000 | $1,297,026,650 |
| Zeroes | £118,180,400 | $178,860,126 |
| FRAs | £16,000,000,000 | $24,215,200,000 |
| Total | £64,888,704,099 | $98,205,809,218 |
| Product | Volume JPY | USD Equivalent |
|---|---|---|
| IRS | ¥3,515,396,000,000 | $34,807,624,140 |
| OIS | ¥0 | $0 |
| Basis | ¥649,500,000,000 | $6,431,011,436 |
| Zeroes | ¥0 | $0 |
| FRAs | ¥0 | $0 |
| Total | ¥4,164,896,000,000 | $41,238,635,576 |
| Product | Volume CHF | USD Equivalent |
|---|---|---|
| IRS | CHF4,153,400,000 | $4,327,810,774 |
| OIS | CHF0 | $0 |
| Basis | CHF0 | $0 |
| Zeroes | CHF0 | $0 |
| FRAs | CHF0 | $0 |
| Total | CHF4,153,400,000 | $4,327,810,774 |
| Product | Volume AUD | USD Equivalent |
|---|---|---|
| IRS | $10,961,660,000 | $10,583,482,730 |
| OIS | $0 | $0 |
| Basis | $2,832,000,000 | $2,734,296,000 |
| Zeroes | $0 | $0 |
| FRAs | $0 | $0 |
| Total | $13,793,660,000 | $13,317,778,730 |
| Product | Volume CAD | USD Equivalent |
|---|---|---|
| IRS | $13,885,420,000 | $13,454,212,490 |
| OIS | $15,246,000,000 | $14,772,540,090 |
| Basis | $800,000,000 | $775,156,242 |
| Zeroes | $0 | $0 |
| FRAs | $0 | $0 |
| Total | $29,931,420,000 | $29,001,908,822 |
| Product | USD Equivalent |
|---|---|
| IRS | $22,694,446,901 |
| OIS | $0 |
| Basis | $0 |
| Zeroes | $0 |
| FRAs | $14,252,654,653 |
| Total | $36,947,101,554 |
| Product | USD Equivalent |
|---|---|
| IRS | $616,159,929,869 |
| OIS | $576,040,886,794 |
| Basis | $21,319,490,328 |
| Zeroes | $1,726,204,226 |
| FRAs | $170,849,854,653 |
| Total | $1,386,096,365,870 |
| Product | USD Equivalent |
|---|---|
| IRS | $20,501,524,623,006 |
| OIS | $5,290,377,282,636 |
| Basis | $2,249,931,964,200 |
| Zeroes | $89,344,885,812 |
| FRAs | $32,257,431,600,000 |
| Total | $60,388,610,355,654 |
| Product | Volume EUR | USD Equivalent |
|---|---|---|
| IRS | €24,889,526,931,477 | $32,706,443,714,156 |
| OIS | €33,840,742,820,270 | $44,475,097,118,241 |
| Basis | €58,742,156,121 | $77,032,448,448 |
| Zeroes | €96,544,228,809 | $126,935,326,389 |
| FRAs | €32,730,799,310,028 | $42,956,502,745,645 |
| Total | €91,616,355,446,705 | $120,342,011,352,879 |
| Product | Volume GBP | USD Equivalent |
|---|---|---|
| IRS | £2,901,526,119,221 | $4,485,396,111,774 |
| OIS | £4,848,663,344,180 | $7,497,046,008,848 |
| Basis | £328,204,666,724 | $504,558,112,125 |
| Zeroes | £16,418,717,148 | $25,366,020,908 |
| FRAs | £8,191,128,920,136 | $12,678,067,237,034 |
| Total | £16,285,941,767,409 | $25,190,433,490,689 |
| Product | Volume JPY | USD Equivalent |
|---|---|---|
| IRS | ¥663,362,164,041,718 | $7,007,262,091,748 |
| OIS | ¥0 | $0 |
| Basis | ¥50,596,046,000,000 | $528,937,257,670 |
| Zeroes | ¥4,177,000,000,000 | $43,333,760,661 |
| FRAs | ¥4,540,833,333,332 | $49,988,843,202 |
| Total | ¥722,676,043,375,050 | $7,629,521,953,281 |
| Product | Volume CHF | USD Equivalent |
|---|---|---|
| IRS | CHF410,979,701,332 | $439,809,912,576 |
| OIS | CHF75,682,540,000 | $80,766,439,931 |
| Basis | CHF37,002,600,000 | $39,546,540,385 |
| Zeroes | CHF0 | $0 |
| FRAs | CHF794,502,000,000 | $854,124,192,313 |
| Total | CHF1,318,166,841,332 | $1,414,247,085,205 |
| Product | Volume AUD | USD Equivalent |
|---|---|---|
| IRS | $1,561,974,980,400 | $1,606,111,829,821 |
| OIS | $0 | $0 |
| Basis | $115,867,800,000 | $119,347,284,915 |
| Zeroes | $6,200,000,000 | $6,303,000,000 |
| FRAs | $0 | $0 |
| Total | $1,684,042,780,400 | $1,731,762,114,736 |
| Product | Volume CAD | USD Equivalent |
|---|---|---|
| IRS | $1,837,145,068,563 | $1,813,893,192,415 |
| OIS | $845,372,072,744 | $834,894,532,664 |
| Basis | $53,836,600,000 | $53,420,271,296 |
| Zeroes | $594,335,176 | $590,934,650 |
| FRAs | $0 | $0 |
| Total | $2,736,948,076,483 | $2,702,798,931,025 |
| Product | USD Equivalent |
|---|---|
| IRS | $1,636,756,578,839 |
| OIS | $0 |
| Basis | $825,231,177 |
| Zeroes | $1,055,625,275 |
| FRAs | $3,015,473,972,387 |
| Total | $4,654,111,407,678 |
| Product | USD Equivalent |
|---|---|
| IRS | $70,197,198,054,335 |
| OIS | $58,178,181,382,320 |
| Basis | $3,573,599,110,216 |
| Zeroes | $292,929,553,695 |
| FRAs | $91,811,588,590,581 |
| Total | $224,053,496,691,147 |
| Product | USD Equivalent |
|---|---|
| IRS | $68,887,309,905,934 |
| OIS | $9,084,045,285,436 |
| Basis | $10,312,082,715,000 |
| Zeroes | $122,541,590,017 |
| FRAs | $33,020,720,000,000 |
| Total | $121,426,699,496,387 |
| Product | Volume EUR | USD Equivalent |
|---|---|---|
| IRS | €78,039,002,304,866 | $100,931,743,630,999 |
| OIS | €25,864,731,474,294 | $33,452,150,452,278 |
| Basis | €266,039,063,161 | $344,081,622,339 |
| Zeroes | €168,676,581,122 | $218,157,856,194 |
| FRAs | €31,742,349,964,972 | $41,053,968,327,197 |
| Total | €136,080,799,388,415 | $176,000,101,889,007 |
| Product | Volume GBP | USD Equivalent |
|---|---|---|
| IRS | £10,913,443,067,276 | $16,516,950,410,169 |
| OIS | £6,364,083,884,256 | $9,631,722,754,627 |
| Basis | £1,444,427,225,720 | $2,186,068,384,766 |
| Zeroes | £59,050,746,491 | $89,370,352,276 |
| FRAs | £8,300,816,920,136 | $12,562,871,367,780 |
| Total | £27,081,821,843,879 | $40,986,983,269,618 |
| Product | Volume JPY | USD Equivalent |
|---|---|---|
| IRS | ¥2,454,742,412,830,420 | $24,305,583,571,764 |
| OIS | ¥0 | $0 |
| Basis | ¥147,072,325,000,000 | $1,456,233,724,442 |
| Zeroes | ¥6,977,000,000,000 | $69,082,627,853 |
| FRAs | ¥2,703,333,333,332 | $26,767,001,667 |
| Total | ¥2,611,495,071,163,752 | $25,857,666,925,726 |
| Product | Volume CHF | USD Equivalent |
|---|---|---|
| IRS | CHF2,574,252,664,986 | $2,682,351,427,515 |
| OIS | CHF133,658,000,000 | $139,270,605,398 |
| Basis | CHF266,203,300,000 | $277,381,785,975 |
| Zeroes | CHF0 | $0 |
| FRAs | CHF768,994,000,000 | $801,285,818,485 |
| Total | CHF3,743,107,964,986 | $3,900,289,637,373 |
| Product | Volume AUD | USD Equivalent |
|---|---|---|
| IRS | $4,849,930,492,348 | $4,682,607,890,362 |
| OIS | $0 | $0 |
| Basis | $231,471,100,000 | $223,485,347,050 |
| Zeroes | $6,200,000,000 | $5,986,100,000 |
| FRAs | $0 | $0 |
| Total | $5,087,601,592,348 | $4,912,079,337,412 |
| Product | Volume CAD | USD Equivalent |
|---|---|---|
| IRS | $5,367,972,008,695 | $5,201,271,264,663 |
| OIS | $655,715,189,064 | $635,352,152,574 |
| Basis | $125,378,100,000 | $121,484,521,099 |
| Zeroes | $442,109,588 | $428,380,009 |
| FRAs | $0 | $0 |
| Total | $6,149,507,407,347 | $5,958,536,318,345 |
| Product | USD Equivalent |
|---|---|
| IRS | $6,553,489,975,837 |
| OIS | $0 |
| Basis | $1,582,043,290 |
| Zeroes | $615,738,692 |
| FRAs | $3,601,803,502,802 |
| Total | $10,157,491,260,621 |
| Product | USD Equivalent |
|---|---|
| IRS | $229,761,308,077,243 |
| OIS | $52,942,541,250,313 |
| Basis | $14,922,400,143,961 |
| Zeroes | $506,182,645,041 |
| FRAs | $91,067,416,017,931 |
| Total | $389,199,848,134,489 |
Figures as of COB May 24, 2013. *Other: CZK, DKK, HKD, HUF, NOK, NZD, PLN, SEK, SGD, ZAR
Notional Outstanding by Product
As of COB May 24, 2013
Daily Notional by Tenor
As of COB May 24, 2013
Notional Outstanding by Currency
As of COB May 24, 2013. *Other: ZAR, CZK, NZD, HKD, DKK, HUF, SGD, SEK, NOK, PLN
Monthly Notional Volumes
Data as of month end.
Monthly Notional Outstanding
Data as of month end.
Monthly Trades Registered
Data as of month end.
Monthly Trades Outstanding
Data as of month end.
Notional Outstanding Showing
Effect of Compression
Trades Outstanding Showing Effect of Compression
Our Methodology
SwapClear market share figures are derived from the semi-annual BIS report on OTC derivatives market activity and published Swaps Data Repository data regarding Interest Rates Swap products.
Notional Outstanding is the OTC equivalent of Open Interest in futures markets.
Trade counts and notional amounts are representative of the SwapClear portfolio of trades following novation to the Clearing House. Only the client side of each trade is included in the Client Clearing Volumes.
Monthly volumes have been converted to USD using exchange rates prevailing at the end of the relevant month.
"Other" currencies (other than those expressly identified in tables and charts above) are presented in USD.
SwapClear supports periodic multilateral compression activity, to reduce the volume of outstanding trades. The charts that show the effect of compression assume that all trades removed by this process would still be live today.
