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ISDA Margin Survey Year-end 2025

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 25.3% and 26.4%, respectively
    • YTD 2026, 73.3% of OIS traded notional had tenors up to and including one year, 18.2% between one and five years, and 8.5% over five years
    • YTD 2026, 45.9% of fixed-for-floating IRS traded notional had tenors up to and including one year, 35.3% between one and five years, and 18.8% over five years
  • 87.2% of total traded notional was cleared vs. 86.4% last year
  • 57.6% of total traded notional was executed on SEFs vs. 54.3% 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 20.6% and 8.5%, respectively
    • CDX HY traded notional increased by 1.4%, while trade count decreased by 1.2%
    • CDX IG traded notional and trade count increased by 26.8% and 11.4%, respectively
    • iTraxx Europe traded notional and trade count increased by 25.7% and 13.0%, respectively
  • 81.2% of total traded notional was cleared vs. 80.7% last year
  • 78.4% of total traded notional was executed on SEFs vs. 78.3% 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 decreased by 4.5% and 8.2%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 9.7% and 13.3%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 12.9% and 9.8%, respectively
  • 64.0% of total traded notional was cleared vs. 64.2% last year

 

2026 Current Week vs. 2025 Current Week