ISDA has expanded its SwapsInfo derivatives database and website to include European credit default swaps (CDS) trading activity, creating a more comprehensive picture of derivatives trading in the EU, UK and US.

 

Check out the latest research papers Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: Full Year 2024 and the Fourth Quarter of 2024 and Credit Derivatives Trading Activity Reported in EU, UK and US Markets.

 

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 44.2% and 21.7%, respectively
  • YTD 2025, 72.4% of OIS traded notional had tenors up to and including one year, 18.6% between one and five years, and 9.1% over five years
  • YTD 2025, 49.0% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.0% between one and five years, and 16.9% over five years
  • 86.5% of total traded notional was cleared vs. 80.2% last year
  • 54.6% of total traded notional was executed on SEFs vs. 56.9% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional and trade count increased by 68.4% and 13.8%, respectively
    • CDX HY traded notional and trade count increased by 32.2% and 19.9%, respectively
    • CDX IG traded notional and trade count increased by 75.5% and 13.1%, respectively
    • iTraxx Europe traded notional and trade count increased by 56.6% and 18.4%, respectively
  • 78.4% of total traded notional was cleared vs. 85.1% last year
  • 75.9% of total traded notional was executed on SEFs vs. 83.9% 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 1.5% and 13.6%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 6.7% and 18.5%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 13.6% and 5.7%, respectively
  • 65.6% of total traded notional was cleared vs. 47.5% last year

 

2025 Current Week vs. 2024 Current Week