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Key Trends in the Size and Composition of OTC Derivatives Markets in the First Half of 2025
Interest Rate Derivatives
2026 YTD vs. 2025 YTD
- Total IRD traded notional and trade count increased by 21.7% and 27.4%, respectively
- YTD 2026, 72.8% of OIS traded notional had tenors up to and including one year, 18.0% between one and five years, and 9.1% over five years
- YTD 2026, 43.3% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.8% between one and five years, and 21.9% over five years
- 86.3% of total traded notional was cleared vs. 88.0% last year
- 57.6% of total traded notional was executed on SEFs vs. 56.7% with last year
2026 Current Week vs. 2025 Current Week
Credit Derivatives Reported under CFTC Regulations
2026 YTD vs. 2025 YTD
- Total index credit derivatives traded notional increased by 8.8%, while trade count decreased by 9.2%
- CDX HY traded notional and trade count decreased by 1.4% and 11.3%, respectively
- CDX IG traded notional and trade count increased by 28.8% and 5.9%, respectively
- iTraxx Europe traded notional and trade count decreased by 21.8% and 23.6%, respectively
- 72.1% of total traded notional was cleared vs. 75.7% last year
- 69.2% of total traded notional was executed on SEFs vs. 73.5% last year
2026 Current Week vs. 2025 Current Week
Credit Derivatives Reported under SEC Regulations
2026 YTD vs. 2025 YTD
- Total security-based credit derivatives traded notional and trade count decreased by 7.7% and 6.0%, respectively
- Corporate single-name CDS traded notional and trade count decreased by 11.4% and 8.7%, respectively
- Sovereign single-name CDS traded notional and trade count decreased by 7.7% and 8.9%, respectively
- 64.2% of total traded notional was cleared vs. 65.7% last year
2026 Current Week vs. 2025 Current Week
