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Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets: Full Year 2025 and the Fourth Quarter of 2025
SwapsInfo First Quarter of 2026 Review

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 23.7% and 22.4%, respectively
    • YTD 2026, 72.8% of OIS traded notional had tenors up to and including one year, 18.4% between one and five years, and 8.8% 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 18.6% over five years
  • 87.5% of total traded notional was cleared vs. 86.4% last year
  • 57.6% of total traded notional was executed on SEFs vs. 54.8% 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 18.8% and 7.4%, respectively
    • CDX HY traded notional increased by 1.8%, while trade count decreased by 2.3%
    • CDX IG traded notional and trade count increased by 22.4% and 7.1%, respectively
    • iTraxx Europe traded notional and trade count increased by 25.5% and 12.9%, respectively
  • 80.7% of total traded notional was cleared vs. 79.9% last year
  • 77.7% of total traded notional was executed on SEFs vs. 77.6% 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 2.0% and 5.7%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 6.2% and 9.7%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 12.4% and 8.9%, respectively
  • 64.0% of total traded notional was cleared vs. 64.3% last year

 

2026 Current Week vs. 2025 Current Week