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SwapsInfo Full Year 2025 and the Fourth Quarter of 2025 Review

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 30.6% and 27.6%, respectively
    • YTD 2026, 73.8% of OIS traded notional had tenors up to and including one year, 17.7% between one and five years, and 8.4% over five years
    • YTD 2026, 47.1% of fixed-for-floating IRS traded notional had tenors up to and including one year, 33.9% between one and five years, and 19.0% over five years
  • 86.8% of total traded notional was cleared vs. 86.5% last year
  • 55.9% of total traded notional was executed on SEFs vs. 55.4% 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 35.5% and 14.5%, respectively
    • CDX HY traded notional and trade count increased by 17.2% and 10.6%, respectively
    • CDX IG traded notional and trade count increased by 49.2% and 25.4%, respectively
    • iTraxx Europe traded notional and trade count increased by 26.5% and 9.3%, respectively
  • 78.1% of total traded notional was cleared vs. 78.8% last year
  • 75.7% of total traded notional was executed on SEFs vs. 76.3% 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 3.5%, while trade count decreased by 2.0%
    • Corporate single-name CDS traded notional and trade count decreased by 0.1% and 5.5%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 13.0% and 7.5%, respectively
  • 63.0% of total traded notional was cleared vs. 63.8% last year

 

2026 Current Week vs. 2025 Current Week