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 increased by 12.7%, while trade count decreased by 1.6%
  • YTD 2025, 73.3% of OIS traded notional had tenors up to and including one year, 18.0% between one and five years, and 8.7% over five years
  • YTD 2025, 50.6% of fixed-for-floating IRS traded notional had tenors up to and including one year, 33.5% between one and five years, and 16.0% over five years
  • 87.1% of total traded notional was cleared vs. 79.5% last year
  • 55.2% of total traded notional was executed on SEFs vs. 56.0% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 47.1%, while trade count decreased by 8.1%
    • CDX HY traded notional increased by 1.0%, while trade count decreased by 15.8%
    • CDX IG traded notional increased by 37.0%, while trade count decreased by 9.4%
    • iTraxx Europe traded notional and trade count increased by 53.8% and 8.4%, respectively
  • 76.0% of total traded notional was cleared vs. 83.9% last year
  • 73.4% of total traded notional was executed on SEFs vs. 82.8% 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 18.1% and 31.3%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 22.7% and 35.6%, respectively
    • Sovereign single-name CDS traded notional and trade count decreased by 8.4% and 18.1%, respectively
  • 65.1% of total traded notional was cleared vs. 46.3% last year

 

2025 Current Week vs. 2024 Current Week