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Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: Full Year 2025 and the Fourth Quarter of 2025
SwapsInfo First Quarter of 2026 Review

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count both increased by 23.0%
    • YTD 2026, 73.0% of OIS traded notional had tenors up to and including one year, 18.4% between one and five years, and 8.6% over five years
    • YTD 2026, 46.1% of fixed-for-floating IRS traded notional had tenors up to and including one year, 35.2% between one and five years, and 18.7% over five years
  • 87.4% of total traded notional was cleared vs. 86.4% last year
  • 57.7% of total traded notional was executed on SEFs vs. 54.7% with last year

 

 

Credit Derivatives Reported under CFTC Regulations

2026 YTD vs. 2025 YTD

  • Total index credit derivatives traded notional and trade count increased by 18.1% and 6.9%, respectively
    • CDX HY traded notional increased by 1.1%, while trade count decreased by 2.5%
    • CDX IG traded notional and trade count increased by 22.7% and 7.6%, respectively
    • iTraxx Europe traded notional and trade count increased by 23.5% and 11.5%, respectively
  • 81.0% of total traded notional was cleared vs. 80.4% last year
  • 78.1% of total traded notional was executed on SEFs vs. 77.9% last year

 

2026 Current Week vs. 2025 Current Week

 

Credit Derivatives Reported under SEC Regulations

2026 YTD vs. 2025 YTD

  • Total security-based credit derivatives traded notional decreased by 3.6% and 7.3%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 8.6% and 11.9%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 11.9% and 8.5%, respectively
  • 64.0% of total traded notional was cleared vs. 64.5% last year

 

2026 Current Week vs. 2025 Current Week