Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 26.3% and 23.3%, respectively
    • YTD 2026, 73.4% of OIS traded notional had tenors up to and including one year, 18.1% between one and five years, and 8.6% over five years
    • YTD 2026, 46.7% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.9% between one and five years, and 18.4% over five years
  • 87.8% of total traded notional was cleared vs. 86.4% last year
  • 57.2% of total traded notional was executed on SEFs vs. 55.0% 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 18.9% and 7.8%, respectively
    • CDX HY traded notional increased by 3.0%, while trade count decreased by 1.2%
    • CDX IG traded notional and trade count increased by 23.1% and 7.7%, respectively
    • iTraxx Europe traded notional and trade count increased by 24.5% and 12.4%, respectively
  • 80.4% of total traded notional was cleared vs. 79.4% last year
  • 77.4% of total traded notional was executed on SEFs vs. 77.1% 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 and trade count decreased by 1.4% and 5.3%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 5.6% and 9.3%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 13.0% and 9.6%, respectively
  • 63.8% of total traded notional was cleared vs. 64.2% last year

 

2026 Current Week vs. 2025 Current Week