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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 24.2% and 25.8%, 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, 45.9% 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. 86.5% last year
  • 57.7% 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 20.1% and 8.0%, respectively
    • CDX HY traded notional increased by 1.8%, while trade count decreased by 1.5%
    • CDX IG traded notional and trade count increased by 25.3% and 10.0%, respectively
    • iTraxx Europe traded notional and trade count increased by 25.5% and 13.1%, respectively
  • 81.0% of total traded notional was cleared vs. 80.6% last year
  • 78.3% of total traded notional was executed on SEFs, flat compared with 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 4.3% and 8.2%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 9.4% and 13.0%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 12.5% and 9.2%, respectively
  • 64.2% of total traded notional was cleared vs. 64.4% last year

 

2026 Current Week vs. 2025 Current Week