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Reshaping the Global IRD Landscape: Key Findings from the 2025 BIS Triennial Survey

RMB-Denominated IRD Growth Continues in Mainland China and Hong Kong

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 39.1% and 16.7%, respectively
    • YTD 2025, 74.4% of OIS traded notional had tenors up to and including one year, 17.1% between one and five years, and 8.5% over five years
    • YTD 2025, 52.6% of fixed-for-floating IRS traded notional had tenors up to and including one year, 31.5% between one and five years, and 15.9% over five years
  • 86.5% of total traded notional was cleared vs. 80.7% last year
  • 54.1% of total traded notional was executed on SEFs vs. 57.3% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional and trade count increased by 57.4% and 12.5%, respectively
    • CDX HY traded notional and trade count increased by 23.6% and 18.1%, respectively
    • CDX IG traded notional and trade count increased by 72.6% and 18.1%, respectively
    • iTraxx Europe traded notional and trade count increased by 39.2% and 6.6%, respectively
  • 78.5% of total traded notional was cleared vs. 82.5% last year
  • 76.1% of total traded notional was executed on SEFs vs. 81.2% 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 increased by 1.7%, while trade count decreased by 7.9%
    • Corporate single-name CDS traded notional and trade count decreased by 5.4% and 14.7%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 16.6% and 11.5%, respectively
  • 63.8% of total traded notional was cleared vs. 54.2% last year

 

2025 Current Week vs. 2024 Current Week