Clear Markets

What Clear Markets does

Clear Markets is an operator of regulated electronic trading marketplaces for fixed income and credit derivatives, headquartered in Charlotte, North Carolina, with offices in New York, London, and Tokyo. The company runs three regulated subsidiaries: Clear Markets North America (CFTC-registered Swap Execution Facility), Clear Markets Europe Limited (FCA-regulated Multilateral Trading Facility, passported to 31 European countries), and Clear Markets Japan KK (FSA-registered Electronic Trading Platform, distributed via Nikkei Group's QUICK terminal network with over 50,000 installed terminals). Its third-generation platform supports multiple trading protocols — RFQ, Central Limit Order Book, click-to-trade, limit/resting orders, and roll trading — for interest rate swaps, basis swaps, cross-currency swaps, options (cleared, uncleared, and physically settled), and, as of 2023, uncleared cryptocurrency options with blockchain-automated multi-custodian collateral. Clearing is integrated with three Derivatives Clearing Organizations: JSCC, LCH, and CME.

The platform serves swap dealers, major swap participants, buy-side and sell-side institutional trading firms, and Japanese and European financial institutions whose regulators require on-venue swap execution. Clear Markets monetizes through transaction fees on SEF trades and platform subscription/access services, with a published fee schedule for CM-SEF trades. GTM is direct enterprise B2B sales — onboarding requires client-manager contact, and channel presence runs through industry events (e.g., FIA Expo), regulatory positioning, and the QUICK distribution partnership in Japan.

Ownership is independent with one disclosed strategic investor: Japan's SBI Group acquired a 12% stake in August 2018. Management, including Chairman and CEO Mark Brickell and founder/President Shawn Dorsch, is recognized as pioneers of the interest rate swap market who helped drive the transition from voice to electronic trading. Revenue and headcount trends beyond the disclosed 51-100 employee range are not publicly available, and the company has not pursued IPO or major M&A activity.

Name

Clear Markets

Legal name

Clear Markets Holdings, Inc.

Website

https://clear-markets.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

51–100 employees

Short description

Clear Markets operates regulated electronic trading platforms (CFTC SEF in the US, FCA MTF in Europe, FSA ETP in Japan) for interest rate swaps, cross-currency swaps, options, and crypto derivatives, serving swap dealers, major swap participants, and institutional buy-side and sell-side firms globally.

Ownership category

akta.pro rank

Product category

Electronic Trading Platform for Derivatives

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

akta.pro secondary industries

Cleared Derivatives & Margin (CCP, IM/VM) (FSACADAJ), Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), Options (Vanilla) — Venues, Market Makers & Protocols (FSADAGAC)

Keywords

• Electronic trading platform
• Swap execution facility
• Interest rate swaps
• Derivatives marketplace
• Multilateral trading facility

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction/Trading Fees: Clear Markets generates revenue through transaction fees charged on swap executions executed on its electronic trading platform. The company publishes a fee schedule for SEF trades.
2. Platform Subscription/Services: Revenue from providing electronic trading platform access and related services to institutional clients subject to regulatory requirements for swap execution

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Clear Markets develops and operates regulated electronic trading venues for fixed income and credit derivatives, including interest rate swaps, basis swaps, cross-currency swaps, options, and crypto derivatives. Its third-generation platform supports multiple execution protocols (RFQ, Central Limit Order Book, click-to-trade, limit/resting orders) and is delivered through three jurisdictional entities — CM-SEF (CFTC), an FCA-regulated European MTF, and a Japan FSA-registered ETP — connecting institutional counterparties to authorized clearing houses (JSCC, LCH, CME).

Product overview

Clear Markets is an innovator, developer, and operator of electronic marketplaces and trading technologies offering a unified third-generation platform with multiple trading protocols (RFQ, CLOB, click-to-trade, limit/resting orders, roll trading) for fixed income and credit derivatives. The core platform operates across three regional variants: CM-SEF (US/CFTC-regulated), Europe MTF (UK/FCA-regulated), and Japan ETP (Japan/FSA-regulated), all supporting cleared and uncleared swaps, interest rate derivatives, and cryptocurrency derivatives. The platform is independently owned and provides multilingual interfaces (Japanese/English) with connectivity to internal systems and third-party networks.

Differentiator

Problem solved

Functional benefit

Products and services

• Clear Markets Electronic Trading Platform Third-generation electronic marketplace and trading technology platform for executing complex fixed income and credit derivatives, supporting multiple trading protocols (RFQ, CLOB, click-to-trade, limit/resting orders, roll trading). Targeted at institutional swap dealers, major swap participants, and buy-side/sell-side trading firms.
• CM-SEF Swap Execution Facility CFTC-regulated Swap Execution Facility operated by Clear Markets North America, Inc. for executing swaps in compliance with Dodd-Frank, offering Order Book, RFQ, and Permitted/Required Transaction execution methods for cleared and non-cleared swaps, interest rate swaps, basis swaps, cross-currency swaps, physically settled swaps, physically settled cross-currency swaps, physically settled options, and physically settled uncleared Bitcoin/USD options. Targeted at US swap dealers and major swap participants.
• Clear Markets Europe MTF FCA-regulated Multilateral Trading Facility (FRN#192356) for non-US persons across 31 European countries, providing anonymous CLOB, name-disclosed RFQ, and voice-managed third-party trading of cleared and non-cleared swaps, with custom vanilla/non-vanilla, IMM-dated, and non-standard conventions. Authorized DCOs include JSCC and LCH. Targeted at European buy-side and sell-side financial institutions.
• Clear Markets Japan ETP FSA-registered Electronic Trading Platform Operator (Registration Number 2864) operated by Clear Markets Japan KK for executing interest rate swaps for Japanese and other non-US persons, with JSCC clearing and distribution through Nikkei Group's QUICK secure financial information network (50,000+ terminals). Targeted at Japanese banks, securities firms, and other Japanese financial institutions required to use a registered ETP.
• Interest Rate Futures Trading Interest rate futures trading on the Clear Markets multi-asset electronic trading platform. Targeted at institutional counterparties seeking a regulated execution venue for interest rate futures alongside swaps and other derivatives.
• Uncleared Crypto Derivatives with Blockchain Collateral Management Industry-first uncleared cryptocurrency options trading capability with blockchain-automated, multi-custodian collateral management on the Clear Markets regulated platform. Targeted at institutional crypto market participants and digital asset trading firms requiring safer, bankruptcy-remote crypto derivatives execution.

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core.

• Japan Securities Clearing Corp (JSCC)coreTechnology or Integration · 1 September 2016Clear Markets North America signed agreement with Japan Securities Clearing Corp (JSCC) to clear interest rate swaps executed on its CFTC-registered SEF. The agreement enables routing of eligible transactions to JSCC via a JSCC permitted affirmation service, allowing Clear Markets to offer JSCC-cleared JPY swaps to SEF clients.
• London Clearing House (LCH)coreTechnology or IntegrationLCH is listed as an authorized Derivatives Clearing Organization (DCO) for Clear Markets operations, enabling clearing of swap transactions across multiple jurisdictions including US and European markets.
• QUICK (Nikkei)coreChannel Partner/ Reseller/ DistributorClear Markets ETP is distributed across Nikkei Group's QUICK highly secure and dedicated electronic financial information system. With over 50,000 terminals installed in Japan, QUICK's buy-side client network is more than three times larger than the next largest electronic financial network in Japan, providing significant market access.
• Chicago Mercantile Exchange (CME)coreTechnology or IntegrationCME is listed as an authorized DCO for Clear Markets North America SEF operations, enabling clearing of required swap transactions for US market participants.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Tradeweb Markets: Tradeweb is a leading global operator of electronic marketplaces for institutional, wholesale, and retail trading in fixed income, derivatives, and ETFs. It is the most direct comparable to Clear Markets as a multi-protocol, multi-asset electronic trading platform serving institutional swap and fixed income flow, and is publicly listed (Nasdaq: TW).
• MarketAxess: MarketAxess operates a leading electronic trading platform for fixed income securities and credit derivatives, with a focus on credit and rates products. It is a direct peer to Clear Markets in electronic swap and credit derivatives execution, and is publicly listed (Nasdaq: MKTX).
• TP ICAP: TP ICAP is a global interdealer broker operating electronic and hybrid platforms across rates, FX, credit, and commodities derivatives. It is a direct peer given its focus on OTC derivatives intermediation and electronic execution for institutional counterparties, and is listed on the London Stock Exchange.
• BGC Group: BGC Group (formerly BGC Partners) operates electronic and hybrid trading platforms across rates, FX, credit, and equity derivatives. It is a direct comparable to Clear Markets as a hybrid voice/electronic broker for institutional OTC derivatives, listed on Nasdaq (BGC).

Broad incumbents

• Bloomberg Tradebook: Bloomberg's trading solutions include electronic execution venues for fixed income and derivatives, leveraging the deeply embedded Bloomberg Terminal installed base. It is a broad incumbent competitor because it bundles trading with the dominant data/analytics workflow used by institutional clients.
• CME Group: CME Group is the world's largest derivatives exchange, operating regulated futures and options markets across interest rates, FX, equities, commodities, and crypto. It is a broad incumbent peer to Clear Markets as both an execution venue and as a clearing organization (CME is one of Clear Markets' authorized DCOs).
• Intercontinental Exchange (ICE): ICE operates global exchanges and clearing houses across futures, equities, fixed income, and credit derivatives. It is a broad incumbent comparable to Clear Markets given its swaps execution, clearing, and trading infrastructure across multiple asset classes.

Emerging players

• FlexTrade Systems: FlexTrade provides multi-asset execution management and order management systems used by institutional traders for FX, equities, fixed income, and derivatives. It is an emerging/adjacent peer in the institutional electronic execution technology stack where Clear Markets also competes for sell-side and buy-side workflow.
• Tradable: Tradable (formerly TradeRush and successor electronic platforms) operates fixed income and rates trading platforms serving institutional clients. It is an emerging/regional player with comparable multi-protocol electronic execution capabilities, particularly in rates and credit products.
• Deribit: Deribit is a leading crypto derivatives exchange specializing in Bitcoin and Ethereum options and futures. It is an emerging competitor to Clear Markets' crypto derivatives initiative, particularly for institutional flow that prioritizes deep liquidity over regulated bankruptcy-remote collateral.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clear Markets