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Global Trading in INR Derivatives and the Indian OTC Derivatives Market

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 25.4% and 26.0%, respectively
    • YTD 2026, 73.2% of OIS traded notional had tenors up to and including one year, 18.3% between one and five years, and 8.5% over five years
    • YTD 2026, 45.7% of fixed-for-floating IRS traded notional had tenors up to and including one year, 35.5% between one and five years, and 18.9% over five years
  • 86.9% of total traded notional was cleared vs. 86.6% last year
  • 57.2% of total traded notional was executed on SEFs vs. 54.2% 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 8.7% and 2.2%, respectively
    • CDX HY traded notional and trade count increased by 3.0% and 1.0%, respectively
    • CDX IG traded notional and trade count decreased by 2.4% and 11.8%, respectively
    • iTraxx Europe traded notional and trade count increased by 23.0% and 10.3%, respectively
  • 79.7% of total traded notional was cleared vs. 81.2% last year
  • 77.0% of total traded notional was executed on SEFs vs. 79.1% 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 decreased by 4.4% and 8.5%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 9.2% and 14.0%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 9.9% and 7.1%, respectively
  • 64.1% of total traded notional was cleared vs. 64.4% last year

 

2026 Current Week vs. 2025 Current Week