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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 30.8% and 31.3%, respectively
    • YTD 2026, 73.5% of OIS traded notional had tenors up to and including one year, 18.1% between one and five years, and 8.4% over five years
    • YTD 2026, 46.0% of fixed-for-floating IRS traded notional had tenors up to and including one year, 35.2% between one and five years, and 18.8% over five years
  • 86.9% of total traded notional was cleared vs. 86.7% last year
  • 56.9% of total traded notional was executed on SEFs vs. 54.4% 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 19.6% and 11.6%, respectively
    • CDX HY traded notional and trade count increased by 11.3% and 9.7%, respectively
    • CDX IG traded notional and trade count increased by 11.0% and 1.2%, respectively
    • iTraxx Europe traded notional and trade count increased by 34.5% and 19.5%, respectivel
  • 80.1% of total traded notional was cleared vs. 81.1% last year
  • 77.5% 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 decreased by 1.7% and 6.0%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 6.9% and 11.4%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 15.0% and 12.4%, respectively
  • 64.2% of total traded notional was cleared vs. 64.7% last year

 

2026 Current Week vs. 2025 Current Week