Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 25.0% and 22.5%, respectively
    • YTD 2026, 73.1% of OIS traded notional had tenors up to and including one year, 18.2% between one and five years, and 8.7% over five years
    • YTD 2026, 46.4% of fixed-for-floating IRS traded notional had tenors up to and including one year, 35.1% between one and five years, and 18.5% over five years
  • 87.7% of total traded notional was cleared vs. 86.3% last year
  • 57.5% of total traded notional was executed on SEFs vs. 54.9% 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 19.1% and 8.2%, respectively
    • CDX HY traded notional increased by 2.9%, while trade count decreased by 1.1%
    • CDX IG traded notional and trade count increased by 23.1% and 7.9%, respectively
    • iTraxx Europe traded notional and trade count increased by 26.0% and 13.5%, respectively
  • 80.7% of total traded notional was cleared vs. 79.6% last year
  • 77.7% of total traded notional was executed on SEFs vs. 77.3% 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 and trade count decreased by 1.9% and 5.8%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 6.1% and 9.8%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 12.8% and 9.2%, respectively
  • 63.8% of total traded notional was cleared vs. 64.3% last year

 

2026 Current Week vs. 2025 Current Week