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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 33.8% and 13.6%, respectively
- YTD 2025, 74.4% 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, 52.2% 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. 81.6% last year
- 54.1% of total traded notional was executed on SEFs vs. 57.0% 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 53.0% and 11.7%, respectively
- CDX HY traded notional and trade count increased by 21.3% and 16.8%, respectively
- CDX IG traded notional and trade count increased by 69.4% and 18.8%, respectively
- iTraxx Europe traded notional and trade count increased by 34.2% and 4.3%, respectively
- 78.2% of total traded notional was cleared vs. 81.7% last year
- 75.7% of total traded notional was executed on SEFs vs. 80.3% 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 2.4%, while trade count decreased by 6.3%
- Corporate single-name CDS traded notional and trade count decreased by 4.1% and 12.5%, respectively
- Sovereign single-name CDS traded notional and trade count increased by 13.7% and 9.1%, respectively
- 63.4% of total traded notional was cleared vs. 54.6% last year
2025 Current Week vs. 2024 Current Week
