Check out the latest research papers Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: First Half of 2025 and the Second Quarter of 2025 and Credit Derivatives Trading Activity Reported in EU, UK and US Markets: First Half of 2025 and Second Quarter of 2025.

 

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 48.6% and 23.4%, respectively
    • YTD 2025, 73.4% of OIS traded notional had tenors up to and including one year, 17.9% between one and five years, and 8.7% over five years
    • YTD 2025, 52.5% 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. 79.8% last year
  • 54.5% of total traded notional was executed on SEFs vs. 57.9% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional and trade count increased by 61.9% and 9.0%, respectively
    • CDX HY traded notional and trade count increased by 19.7% and 13.2%, respectively
    • CDX IG traded notional and trade count increased by 76.8% and 13.4%, respectively
    • iTraxx Europe traded notional and trade count increased by 40.6% and 5.4%, respectively
  • 78.5% of total traded notional was cleared vs. 84.4% last year
  • 76.4% of total traded notional was executed on SEFs vs. 83.2% 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 remained flat, while trade count decreased by 10.7%
    • Corporate single-name CDS traded notional and trade count decreased by 6.3% and 17.1%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 14.3% and 8.5%, respectively
  • 64.3% of total traded notional was cleared vs. 53.1% last year

 

2025 Current Week vs. 2024 Current Week