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 22.7% and 3.7%, respectively
  • YTD 2025, 73.8% of OIS traded notional had tenors up to and including one year, 17.8% between one and five years, and 8.4% over five years
  • YTD 2025, 51.3% of fixed-for-floating IRS traded notional had tenors up to and including one year, 32.9% between one and five years, and 15.8% over five years
  • 87.2% of total traded notional was cleared vs. 79.6% last year
  • 54.9% of total traded notional was executed on SEFs vs. 56.7% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 55.2%, while trade count decreased by 1.9%
    • CDX HY traded notional increased by 10.6%, while trade count decreased by 9.9%
    • CDX IG traded notional increased by 45.5%, while trade count decreased by 4.0%
    • iTraxx Europe traded notional and trade count increased by 62.2% and 16.1%, respectively
  • 76.8% of total traded notional was cleared vs. 83.9% last year
  • 74.0% of total traded notional was executed on SEFs vs. 82.9% 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 13.2% and 25.7%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 19.6% and 31.3%, respectively
    • Sovereign single-name CDS traded notional increased by 1.6%, while trade count decreased by 9.2%
  • 65.4% of total traded notional was cleared vs. 47.0% last year

 

2025 Current Week vs. 2024 Current Week