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The 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.
Interest Rate Derivatives
2025 YTD vs. 2024 YTD
- Total IRD traded notional and trade count increased by 42.1% and 19.3%, respectively
- YTD 2025, 74.0% of OIS traded notional had tenors up to and including one year, 17.4% between one and five years, and 8.6% over five years
- YTD 2025, 52.7% of fixed-for-floating IRS traded notional had tenors up to and including one year, 31.5% between one and five years, and 15.8% over five years
- 86.4% of total traded notional was cleared vs. 80.0% last year
- 54.4% of total traded notional was executed on SEFs vs. 57.5% last year
2025 Current Week vs. 2024 Current Week
Credit Derivatives Reported under CFTC Regulations
2025 YTD vs. 2024 YTD
- Total index credit derivatives traded notional and trade count increased by 59.8% and 11.3%, respectively
- CDX HY traded notional and trade count increased by 22.3% and 16.0%, respectively
- CDX IG traded notional and trade count increased by 74.3% and 15.9%, respectively
- iTraxx Europe traded notional and trade count increased by 42.2% and 7.2%, respectively
- 78.7% of total traded notional was cleared vs. 83.0% last year
- 76.3% of total traded notional was executed on SEFs vs. 81.9% 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 1.3%, while trade count decreased by 8.9%
- Corporate single-name CDS traded notional and trade count decreased by 5.7% and 15.7%, respectively
- Sovereign single-name CDS traded notional and trade count increased by 17.2% and 12.1%, respectively
- 63.9% of total traded notional was cleared vs. 53.6% last year
2025 Current Week vs. 2024 Current Week
