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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 35.9% and 32.4%, respectively
    • YTD 2026, 74.0% of OIS traded notional had tenors up to and including one year, 17.8% between one and five years, and 8.2% over five years
    • YTD 2026, 46.5% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.7% between one and five years, and 18.8% over five years
  • 86.9% of total traded notional was cleared vs. 86.6% last year
  • 55.9% of total traded notional was executed on SEFs vs. 55.2% 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 32.0% and 18.4%, respectively
    • CDX HY traded notional and trade count increased by 19.7% and 15.0%, respectively
    • CDX IG traded notional and trade count increased by 33.4% and 22.2%, respectively
    • iTraxx Europe traded notional and trade count increased by 33.3% and 18.3%, respectively
  • 79.9% of total traded notional was cleared vs. 81.5% last year
  • 77.3% of total traded notional was executed on SEFs vs. 79.0% 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 increased by 0.2%, while trade count decreased by 3.6%
    • Corporate single-name CDS traded notional and trade count decreased by 5.3% and 8.5%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 16.9% and 12.8%, respectively
  • 64.4% of total traded notional was cleared vs. 65.6% last year

 

2026 Current Week vs. 2025 Current Week