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 27.5% and 7.3%, respectively
  • YTD 2025, 73.9% of OIS traded notional had tenors up to and including one year, 17.6% between one and five years, and 8.5% over five years
  • YTD 2025, 50.0% of fixed-for-floating IRS traded notional had tenors up to and including one year, 33.6% between one and five years, and 16.4% over five years
  • 78.9% of total traded notional was cleared vs. 77.0% last year
  • 56.6% of total traded notional was executed on SEFs vs. 55.0% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 48.9%, while trade count decreased by 9.3%
    • CDX HY traded notional increased by 1.2%, while trade count decreased by 16.7%
    • CDX IG traded notional increased by 42.3%, while trade count decreased by 7.4%
    • iTraxx Europe traded notional and trade count increased by 56.0% and 8.1%, respectively
  • 74.4% of total traded notional was cleared vs. 81.3% last year
  • 71.9% of total traded notional was executed on SEFs vs. 80.2% 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 25.4% and 38.7%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 28.9% and 42.1%, respectively
    • Sovereign single-name CDS traded notional and trade count decreased by 16.9% and 25.8%, respectively
  • 66.6% of total traded notional was cleared vs. 46.2% last year

 

2025 Current Week vs. 2024 Current Week