The CFTC’s updated post-initial minimum block and cap sizes, effective October 7, 2024, have resulted in higher year-over-year disclosed traded notional for IRD and index credit derivatives.

 

OIS and fixed-for-floating transactions are now grouped into three tenor-based buckets: up to and including one year, over one year up to and including five years, and over five years. This categorization provides a more detailed and transparent view of swaps trading activity across distinct tenor segments. 

 

Interest Rate Derivatives

2025 YTD vs. 2024 YTD

  • Total IRD traded notional increased by 6%, while trade count decreased 11%
  • 72.3% of OIS traded notional had tenors up to and including one year, 18.3% between one and five years, and 9.4% over five years
  • 49.6% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.1% between one and five years, and 16.4% over five years
  • 79% of total traded notional was cleared vs. 77% last year
  • 58% of total traded notional was executed on SEFs vs. 55% last year

 

 

Credit Derivatives Reported under CFTC Regulations

2025 YTD vs. 2024 YTD

  • Total index credit derivatives traded notional increased by 16%, while trade count decreased by 27%
    • CDX HY traded notional and trade count decreased by 22% and 31%, respectively
    • CDX IG traded notional increased by 17%, while trade count decreased by 25%
    • iTraxx Europe traded notional increased by 26%, while trade count decreased 11%
  • 77% of total traded notional was cleared vs. 82% last year
  • 76% of total traded notional was executed on SEFs vs. 82% last year

 

2025 Current Week vs. 2024 Current Week

 

Credit Derivatives Reported under SEC Regulations

2025 YTD vs. 2024 YTD

  • Total security-based credit derivatives traded notional and trade count decreased by 41% and 51%, respectively
    • Corporate single-name CDS traded notional and trade count decreased by 47% and 57%, respectively
    • Sovereign single-name CDS traded notional and trade count decreased by 23% and 28%, respectively
  • 65% of total traded notional was cleared vs. 45% last year

 

2025 Current Week vs. 2024 Current Week