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.
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 49.5% and 25.5%, respectively
- YTD 2025, 72.0% of OIS traded notional had tenors up to and including one year, 18.9% between one and five years, and 9.1% over five years
- YTD 2025, 50.0% of fixed-for-floating IRS traded notional had tenors up to and including one year, 33.6% between one and five years, and 16.4% over five years
- 86.1% of total traded notional was cleared vs. 79.8% last year
- 53.8% of total traded notional was executed on SEFs vs. 57.3% last year

2025 Current Week vs. 2024 Current Week
Credit Derivatives Reported under CFTC Regulations
2025 YTD vs. 2024 YTD
- Total index credit derivatives traded notional and trade count increased by 102.3% and 33.8%, respectively
- CDX HY traded notional and trade count increased by 49.4% and 34.3%, respectively
- CDX IG traded notional and trade count increased by 117.7% and 37.9%, respectively
- iTraxx Europe traded notional and trade count increased by 92.5% and 40.4%, respectively
- 80.2% of total traded notional was cleared vs. 85.6% last year
- 77.9% of total traded notional was executed on SEFs vs. 84.4% 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 increased by 2.8%, while trade count decreased by 9.5%
- Corporate single-name CDS traded notional and trade count decreased by 1.4% and 12.8%, respectively
- Sovereign single-name CDS traded notional and trade count increased by 13.4% and 3.1%, respectively
- 65.1% of total traded notional was cleared vs. 50.3% last year

2025 Current Week vs. 2024 Current Week
