ISDA has expanded its SwapsInfo derivatives database and website to include European credit default swaps (CDS) trading activity, creating a more comprehensive picture of derivatives trading in the EU, UK and US.

 

The CFTC’s updated post-initial minimum block and cap sizes, effective October 7, 2024, have resulted in higher year-over-year disclosed traded notional for IRD and index credit derivatives. 

 

OIS and fixed-for-floating transactions are now grouped into three tenor-based buckets: up to and including one year, over one year up to and including five years, and over five years. This categorization provides a more detailed and transparent view of swaps trading activity across distinct tenor segments. 

 

Interest Rate Derivatives

2025 YTD vs. 2024 YTD

  • Total IRD traded notional and trade count increased by 50.8% and 26.2%, respectively
  • YTD 2025, 72.0% of OIS traded notional had tenors up to and including one year, 18.9% between one and five years, and 9.1% over five years
  • YTD 2025, 50.0% of fixed-for-floating IRS traded notional had tenors up to and including one year, 33.4% between one and five years, and 16.6% over five years
  • 86.3% of total traded notional was cleared vs. 80.0% last year
  • 53.9% of total traded notional was executed on SEFs vs. 56.9% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 50.2%, while trade count decreased by 4.1%
    • CDX HY traded notional increased by 5.4%, while trade count decreased by 4.6%
    • CDX IG traded notional increased by 43.3%, while trade count decreased by 9.4%
    • iTraxx Europe traded notional increased by 31.3%, while trade count decreased by 2.4%
  • 73.2% of total traded notional was cleared vs. 85.6% last year
  • 70.2% of total traded notional was executed on SEFs vs. 84.3% last year

 

2025 Current Week vs. 2024 Current Week

 

Credit Derivatives Reported under SEC Regulations

2025 YTD vs. 2024 YTD

  • Total security-based credit derivatives traded notional increased by 2.1%, while trade count decreased by 9.7%
    • Corporate single-name CDS traded notional and trade count decreased by 2.3% and 12.9%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 13.9% and 2.6%, respectively
  • 65.4% of total traded notional was cleared vs. 49.4% last year

 

2025 Current Week vs. 2024 Current Week