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Global FX Derivatives Market Overview: Size, Structure and Uses

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 34.4% and 30.3%, respectively
    • YTD 2026, 73.8% of OIS traded notional had tenors up to and including one year, 17.9% between one and five years, and 8.4% over five years
    • YTD 2026, 46.6% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.4% between one and five years, and 19.0% over five years
  • 86.9% of total traded notional was cleared vs. 86.5% last yea
  • 56.0% of total traded notional was executed on SEFs vs. 55.1% with last year

 

 

Credit Derivatives Reported under CFTC Regulations

2026 YTD vs. 2025 YTD

  • Total index credit derivatives traded notional and trade count increased by 36.6% and 16.4%, respectively
    • CDX HY traded notional and trade count increased by 15.7% and 10.2%, respectively
    • CDX IG traded notional and trade count increased by 46.0% and 24.2%, respectively
    • iTraxx Europe traded notional and trade count increased by 33.2% and 15.3%, respectively
  • 78.6% of total traded notional was cleared vs. 79.3% last year
  • 76.1% of total traded notional was executed on SEFs vs. 77.1% 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 increased by 5.0% and 0.4%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 0.3% and 4.4%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 21.6% and 17.0%, respectively
  • 64.1% of total traded notional was cleared vs. 64.6% last year

 

2026 Current Week vs. 2025 Current Week