ISDA Focus: Clearing and Portfolio Compression

The industry's progress in reducing counterparty credit risk.

ISDA and the industry are committed to expanding clearing and portfolio compression efforts as part of the overall goal to reduce counterparty risk. Our progress is reflected by the increasing range and volume of transactions that are cleared and compressed.

The size of the CDS market has been reduced by more than 75 percent through a combination of clearing and compression; more than $15 trillion has been centrally cleared while portfolio compression has eliminated more than $70 trillion.  

Over 40 percent of the interest rate swaps market is now centrally cleared. Another $106 trillion of interest rate swaps has been eliminated due to portfolio compression.

Below is a list of analyses of existing clearing services, comment letters to regulators and industry commitments related to ISDA and the industry's work in OTC derivatives clearing and portfolio compression. Additional information on clearing and portfolio compression is available from TriOptima triReduce, Markit and ICE Clearing.

To learn more about ISDA's work in the industry's clearing commitments to regulators, visit the G20 Commitments page.


DateTitle / DescriptionDocuments
June 16, 2011
FIA-ISDA Documentation for Cleared Swaps
FIA-ISDA Cleared Derivatives Execution Agreement
Cleared Derivatives Execution Agreement _June 14 2001_.pdf
June 16, 2011
FIA-ISDA Documentation for Cleared Swaps
Memorandum: FIA-ISDA Cleared Derivatives Execution Agreement
Memorandum - Cleared Derivatives Execution Agreement _June 14 2001_.pdf
June 12, 2011
FIA-ISDA Documentation for Cleared Swaps
Execution Arrangement Comparison
Execution Arrangement Comparison - June 12 2011 (final).pdf
January 11, 2011
CFTC/SEC’s Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities Regarding the Mitigation of Conflicts of Interest & Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies, Security-Based Swap Execution Facilities, and National Securities Exchanges With Respect to Security-Based Swaps under Regulation          
Comment Letter
Response-to-DOJ-Letter.pdf
December 22, 2010
Privacy of Consumer Financial Information; Conforming Amendments Under Dodd Frank Act & Business Affiliate Marketing and Disposal of Consumer Information Rules
Comment Letter
RIN-Number3038AD13-Financial-Services-Roundtable-and-ISDA.pdf
December 22, 2010
CFTC's Process for Review of Swaps for Mandatory Clearing
Comment Letter
CFTC-Process-RSMC.pdf
December 10, 2010
Financial Resources Requirements for Derivatives Clearing Organizations
Comment Letter
CFTC-Comment-CCP-Financial-Resources.pdf
November 23, 2010
Ownership Limitations & Governance Requirements for Security-Based Swap Clearing Agencies
Comment Letter
SEC-FMU-Conflicts-Letter-FINAL-112310.pdf
November 22, 2010
Waiver of Mandatory Clearing Requirements for Certain OTC Derivatives Would Reduce Risk, says ISDA
Press Release
press112210.html
June 25, 2010
ISDA final submissions to CPSS-IOSCO on Trade Repositories
Comment Letter
ISDAResponseTRs100625.pdf