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Global Trading in INR Derivatives and the Indian OTC Derivatives Market

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 26.5% and 27.1%, respectively
    • YTD 2026, 73.2% of OIS traded notional had tenors up to and including one year, 18.2% between one and five years, and 8.6% over five years
    • YTD 2026, 45.8% of fixed-for-floating IRS traded notional had tenors up to and including one year, 35.4% between one and five years, and 18.8% over five years
  • 87.0% of total traded notional was cleared vs. 86.6% last year
  • 57.5% of total traded notional was executed on SEFs vs. 54.3% 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 21.9% and 9.5%, respectively
    • CDX HY traded notional and trade count increased by 3.2% and 1.3%, respectively
    • CDX IG traded notional and trade count increased by 29.5% and 14.7%, respectively
    • iTraxx Europe traded notional and trade count increased by 24.7% and 11.5%, respectively
  • 81.4% of total traded notional was cleared vs. 81.1% last year
  • 78.7% of total traded notional was executed on SEFs vs. 78.6% 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 3.7% and 7.9%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 8.6% and 13.0%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 11.0% and 8.3%, respectively
  • 64.2% of total traded notional was cleared vs. 64.5% last year

 

2026 Current Week vs. 2025 Current Week