Check out the latest research papers:

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 35.7% and 14.8%, 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, 52.4% of fixed-for-floating IRS traded notional had tenors up to and including one year, 31.6% between one and five years, and 16.0% over five years
  • 86.5% of total traded notional was cleared vs. 81.1% last year
  • 54.2% of total traded notional was executed on SEFs vs. 57.2% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional and trade count increased by 55.5% and 12.2%, respectively
    • CDX HY traded notional and trade count increased by 23.1% and 18.0%, respectively
    • CDX IG traded notional and trade count increased by 71.9% and 18.8%, respectively
    • iTraxx Europe traded notional and trade count increased by 36.0% and 5.2%, respectively
  • 78.4% of total traded notional was cleared vs. 82.1% last year
  • 76.0% of total traded notional was executed on SEFs vs. 80.8% 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 2.2%, while trade count decreased by 6.9%
    • Corporate single-name CDS traded notional and trade count decreased by 4.6% and 13.5%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 15.5% and 10.6%, respectively
  • 63.7% of total traded notional was cleared vs. 54.4% last year

 

2025 Current Week vs. 2024 Current Week