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The 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.
Interest Rate Derivatives
2025 YTD vs. 2024 YTD
- Total IRD traded notional and trade count increased by 44.5% and 21.6%, respectively
- YTD 2025, 73.5% of OIS traded notional had tenors up to and including one year, 17.8% between one and five years, and 8.7% over five years
- YTD 2025, 52.4% of fixed-for-floating IRS traded notional had tenors up to and including one year, 31.7% between one and five years, and 15.9% over five years
- 86.3% of total traded notional was cleared vs. 79.7% last year
- 54.5% of total traded notional was executed on SEFs vs. 57.6% 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 62.3% and 11.1%, respectively
- CDX HY traded notional and trade count increased by 22.4% and 15.6%, respectively
- CDX IG traded notional and trade count increased by 76.9% and 15.4%, respectively
- iTraxx Europe traded notional and trade count increased by 43.1% and 7.5%, respectively
- 78.6% of total traded notional was cleared vs. 83.6% last year
- 76.2% of total traded notional was executed on SEFs vs. 82.4% 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 0.3%, while trade count decreased by 10.1%
- Corporate single-name CDS traded notional and trade count decreased by 6.5% and 16.9%, respectively
- Sovereign single-name CDS traded notional and trade count increased by 16.3% and 10.9%, respectively
- 64.1% of total traded notional was cleared vs. 53.5% last year
2025 Current Week vs. 2024 Current Week
