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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 34.9% and 14.3%, respectively
    • YTD 2025, 74.3% of OIS traded notional had tenors up to and including one year, 17.2% between one and five years, and 8.5% over five years
    • YTD 2025, 52.3% of fixed-for-floating IRS traded notional had tenors up to and including one year, 31.7% between one and five years, and 16.0% over five years
  • 86.5% of total traded notional was cleared vs. 81.4% last year
  • 54.1% of total traded notional was executed on SEFs vs. 57.1% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional and trade count increased by 54.6% and 12.3%, respectively
    • CDX HY traded notional and trade count increased by 22.5% and 17.9%, respectively
    • CDX IG traded notional and trade count increased by 71.4% and 19.3%, respectively
    • iTraxx Europe traded notional and trade count increased by 35.6% and 5.1%, respectively
  • 78.3% of total traded notional was cleared vs. 81.9% last year
  • 75.9% of total traded notional was executed on SEFs vs. 80.5% 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 2.6%, while trade count decreased by 6.2%
    • Corporate single-name CDS traded notional and trade count decreased by 4.1% and 12.7%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 15.1% and 10.2%, respectively
  • 63.6% of total traded notional was cleared vs. 54.6% last year

 

2025 Current Week vs. 2024 Current Week