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Key Trends in the Size and Composition of OTC Derivatives Markets in the Second Half of 2025

ISDA-Actrix US Treasury Repo Market Clearing Indicators May 2026

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 26.3% and 23.5%, respectively
    • YTD 2026, 73.4% of OIS traded notional had tenors up to and including one year, 18.1% between one and five years, and 8.5% over five years
    • YTD 2026, 46.9% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.9% between one and five years, and 18.2% over five years
  • 87.9% of total traded notional was cleared vs. 86.2% last year
  • 57.6% of total traded notional was executed on SEFs vs. 55.0% 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 17.5% and 6.8%, respectively
    • CDX HY traded notional increased by 3.0%, while trade count decreased by 1.6%
    • CDX IG traded notional and trade count increased by 22.7% and 7.3%, respectively
    • iTraxx Europe traded notional and trade count increased by 23.0% and 10.4%, respectively
  • 80.0% of total traded notional was cleared vs. 78.6% last year
  • 77.0% of total traded notional was executed on SEFs vs. 76.2% 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 increased by 0.03%, while trade count decreased by 4.0%
    • Corporate single-name CDS traded notional and trade count decreased by 3.6% and 7.7%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 11.5% and 8.5%, respectively
  • 63.6% of total traded notional was cleared vs. 64.0% last year

 

2026 Current Week vs. 2025 Current Week