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 28.0% and 8.6%, respectively
  • YTD 2025, 73.5% of OIS traded notional had tenors up to and including one year, 17.9% between one and five years, and 8.7% over five years
  • YTD 2025, 50.9% of fixed-for-floating IRS traded notional had tenors up to and including one year, 32.8% between one and five years, and 16.3% over five years
  • 87.0% of total traded notional was cleared vs. 79.8% last year
  • 54.6% of total traded notional was executed on SEFs vs. 56.6% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 54.1%, while trade count decreased by 1.8%
    • CDX HY traded notional increased by 7.2%, while trade count decreased by 11.2%
    • CDX IG traded notional increased by 43.1%, while trade count decreased by 4.9%
    • iTraxx Europe traded notional and trade count increased by 63.5% and 18.3%, respectively
  • 77.0% of total traded notional was cleared vs. 84.1% last year
  • 74.5% of total traded notional was executed on SEFs vs. 83.1% 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 10.9% and 23.6%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 18.1% and 30.3%, respectively
    • Sovereign single-name CDS traded notional increased by 4.5%, while trade count decreased by 4.8%
  • 65.0% of total traded notional was cleared vs. 47.2% last year

 

2025 Current Week vs. 2024 Current Week