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. 

 

Check out the latest research paper SwapsInfo Full Year 2024 and the Fourth Quarter of 2024.

 

Interest Rate Derivatives

2025 YTD vs. 2024 YTD

  • Total IRD traded notional and trade count increased by 30.8% and 10.6%, respectively
  • YTD 2025, 73.4% 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, 49.7% of fixed-for-floating IRS traded notional had tenors up to and including one year, 33.6% between one and five years, and 16.7% over five years
  • 86.8% of total traded notional was cleared vs. 79.9% last year
  • 54.9% of total traded notional was executed on SEFs vs. 56.5% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 55.6%, while trade count decreased by 0.8%
    • CDX HY traded notional increased by 9.0%, while trade count decreased by 9.8%
    • CDX IG traded notional increased by 48.3%, while trade count decreased by 2.5%
    • iTraxx Europe traded notional and trade count increased by 58.6% and 17.0%, respectively
  • 76.7% of total traded notional was cleared vs. 83.8% last year
  • 74.1% of total traded notional was executed on SEFs vs. 82.5% 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 10.8% and 22.9%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 17.7% and 29.3%, respectively
    • Sovereign single-name CDS traded notional increased by 2.5%, while trade count decreased by 7.3%
  • 64.7% of total traded notional was cleared vs. 47.4% last year

 

2025 Current Week vs. 2024 Current Week