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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 36.8% and 34.4%, respectively
    • YTD 2026, 73.7% of OIS traded notional had tenors up to and including one year, 18.0% between one and five years, and 8.3% over five years
    • YTD 2026, 46.2% of fixed-for-floating IRS traded notional had tenors up to and including one year, 35.1% between one and five years, and 18.7% over five years
  • 86.9% of total traded notional was cleared vs. 86.6% last year
  • 56.6% 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 30.4% and 19.9%, respectively
    • CDX HY traded notional and trade count increased by 18.8% and 17.0%, respectively
    • CDX IG traded notional and trade count increased by 25.0% and 14.8%, respectively
    • iTraxx Europe traded notional and trade count increased by 41.6% and 24.7%, respectively
  • 80.3% of total traded notional was cleared vs. 81.5% last year
  • 77.6% of total traded notional was executed on SEFs vs. 79.3% 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 2.2%, while trade count decreased by 1.7%
    • Corporate single-name CDS traded notional and trade count decreased by 3.1% and 6.5%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 19.8% and 17.2%, respectively
  • 64.2% of total traded notional was cleared vs. 64.8% last year

 

2026 Current Week vs. 2025 Current Week