Check out the latest research paper:
SwapsInfo Third Quarter of 2025 and Year-to September 30, 2025.
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 47.2% and 22.9%, respectively
- YTD 2025, 74.5% of OIS traded notional had tenors up to and including one year, 17.0% between one and five years, and 8.4% over five years
- YTD 2025, 52.8% of fixed-for-floating IRS traded notional had tenors up to and including one year, 31.4% between one and five years, and 15.9% over five years
- 86.5% of total traded notional was cleared vs. 80.3% last year
- 54.2% of total traded notional was executed on SEFs vs. 57.4% 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 58.2% and 11.5%, respectively
- CDX HY traded notional and trade count increased by 22.5% and 16.5%, respectively
- CDX IG traded notional and trade count increased by 71.9% and 16.1%, respectively
- iTraxx Europe traded notional and trade count increased by 40.7% and 7.0%, respectively
- 78.7% of total traded notional was cleared vs. 83.0% last year
- 76.3% of total traded notional was executed on SEFs vs. 81.8% 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 1.1%, while trade count decreased by 8.6%
- Corporate single-name CDS traded notional and trade count decreased by 5.8% and 15.4%, respectively
- Sovereign single-name CDS traded notional and trade count increased by 16.2% and 11.3%, respectively
- 63.8% of total traded notional was cleared vs. 53.8% last year
2025 Current Week vs. 2024 Current Week
