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.

 

OIS and fixed-for-floating transactions are now grouped into three tenor-based buckets: up to and including one year, over one year up to and including five years, and over five years. This categorization provides a more detailed and transparent view of swaps trading activity across distinct tenor segments. 

 

Interest Rate Derivatives

2025 YTD vs. 2024 YTD

  • Total IRD traded notional and trade count increased by 27.8% and 6.1%, respectively
  • YTD 2025, 72.5% of OIS traded notional had tenors up to and including one year, 18.4% between one and five years, and 9.1% over five years
  • YTD 2025, 49.1% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.5% between one and five years, and 16.4% over five years
  • 78.8% of total traded notional was cleared vs. 76.7% last year
  • 56.9% of total traded notional was executed on SEFs vs. 53.9% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 49.0%, while trade count decreased by 10.0%
    • CDX HY traded notional and trade count decreased by 1.5% and 14.9%, respectively
    • CDX IG traded notional increased by 48.4%, while trade count decreased by 5.1%
    • iTraxx Europe traded notional and trade count increased by 56.6% and 7.2%, respectively
  • 75.1% of total traded notional was cleared vs. 81.1% last year
  • 72.8% of total traded notional was executed on SEFs vs. 80.1% 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 and trade count decreased by 26.5% and 40.9%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 31.2% and 45.9%, respectively
    • Sovereign single-name CDS traded notional and trade count decreased by 12.5% and 20.7%, respectively
  • 66.6% of total traded notional was cleared vs. 45.4% last year

 

2025 Current Week vs. 2024 Current Week