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ISDA-Actrix US Treasury Repo Market Clearing Indicators June 2026

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

Interest Rate Derivatives

2026 YTD vs. 2025 YTD

  • Total IRD traded notional and trade count increased by 25.6% and 23.8%, respectively
    • YTD 2026, 73.6% of OIS traded notional had tenors up to and including one year, 18.0% between one and five years, and 8.5% over five years
    • YTD 2026, 47.1% of fixed-for-floating IRS traded notional had tenors up to and including one year, 34.8% between one and five years, and 18.1% over five years
  • 88.0% of total traded notional was cleared vs. 86.2% last year
  • 57.9% of total traded notional was executed on SEFs vs. 54.7% 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 18.7% and 7.7%, respectively
    • CDX HY traded notional increased by 4.0%, while trade count decreased by 1.3%
    • CDX IG traded notional and trade count increased by 24.7% and 8.6%, respectively
    • iTraxx Europe traded notional and trade count increased by 24.7% and 11.7%, respectively
  • 79.9% of total traded notional was cleared vs. 78.1% last year
  • 76.7% of total traded notional was executed on SEFs vs. 75.8% 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 0.5%, while trade count decreased by 3.6%
    • Corporate single-name CDS traded notional and trade count decreased by 2.6% and 6.7%, respectively
    • Sovereign single-name CDS traded notional and trade count increased by 10.3% and 7.1%, respectively
  • 63.6% of total traded notional was cleared vs. 64.1% last year

 

2026 Current Week vs. 2025 Current Week