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CDS Market Dynamics: Five Years of Activity and a Record 2025

ISDA-Actrix US Treasury Repo Market Clearing Indicators June 2026

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 24.9% and 23.6%, respectively
    • YTD 2026, 73.7% of OIS traded notional had tenors up to and including one year, 17.9% between one and five years, and 8.4% over five years
    • YTD 2026, 47.4% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.6% between one and five years, and 18.0% over five years
  • 88.1% of total traded notional was cleared vs. 86.3% last year
  • 57.8% of total traded notional was executed on SEFs vs. 54.6% 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 19.0% and 8.0%, respectively
    • CDX HY traded notional increased by 4.3%, while trade count decreased by 1.0%
    • CDX IG traded notional and trade count increased by 25.8% and 9.2%, respectively
    • iTraxx Europe traded notional and trade count increased by 25.2% and 12.2%, respectively
  • 80.1% of total traded notional was cleared vs. 78.0% last year
  • 76.9% of total traded notional was executed on SEFs vs. 75.7% 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 0.9%, while trade count decreased by 3.4%
    • Corporate single-name CDS traded notional and trade count decreased by 2.1% and 6.4%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 10.5% and 7.1%, respectively
  • 63.4% of total traded notional was cleared vs. 64.0% last year

 

2026 Current Week vs. 2025 Current Week