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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 23.2%, respectively
    • YTD 2026, 73.3% 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, 46.8% 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. 86.3% last year
  • 57.5% 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 18.0% and 7.0%, respectively
    • CDX HY traded notional increased by 3.1%, while trade count decreased by 1.3%
    • CDX IG traded notional and trade count increased by 22.4% and 7.2%, respectively
    • iTraxx Europe traded notional and trade count increased by 22.9% and 10.5%, respectively
  • 80.1% of total traded notional was cleared vs. 79.0% last year
  • 77.1% of total traded notional was executed on SEFs vs. 76.7% 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 0.2%, while trade count decreased by 3.7%
    • Corporate single-name CDS traded notional and trade count decreased by 3.2% and 7.2%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 12.2% and 9.1%, respectively
  • 63.7% of total traded notional was cleared vs. 63.9% last year

 

2026 Current Week vs. 2025 Current Week