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Key Trends in the Size and Composition of OTC Derivatives Markets in the Second Half of 2025

ISDA-Actrix US Treasury Repo Market Clearing Indicators May 2026

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 25.7% and 23.6%, respectively
    • YTD 2026, 73.5% of OIS traded notional had tenors up to and including one year, 18.0% between one and five years, and 8.5% over five years
    • YTD 2026, 47.1% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.8% between one and five years, and 18.2% over five years
  • 88.0% of total traded notional was cleared vs. 86.2% last year
  • 57.7% of total traded notional was executed on SEFs vs. 54.8% 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 17.5% and 6.8%, respectively
    • CDX HY traded notional increased by 3.1%, while trade count decreased by 1.9%
    • CDX IG traded notional and trade count increased by 22.7% and 7.2%, respectively
    • iTraxx Europe traded notional and trade count increased by 23.1% and 10.6%, respectively
  • 79.9% of total traded notional was cleared vs. 78.4% last year
  • 76.9% of total traded notional was executed on SEFs vs. 76.0% 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 increased by 0.3%, while trade count decreased by 3.6%
    • Corporate single-name CDS traded notional and trade count decreased by 3.0% and 6.9%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 11.0% and 7.7%, respectively
  • 63.6% of total traded notional was cleared vs. 64.1% last year

 

2026 Current Week vs. 2025 Current Week