The ISDA SwapsInfo Review provides analysis of interest rate derivatives (IRD) and credit derivatives trading activity. The report provides a breakdown of cleared, non-cleared, swap execution facility (SEF) and off-SEF traded notional and trade count, as well as product taxonomy and currency information.
Key highlights for the first half of 2019 include:
- IRD traded notional increased by 9.8% to $138.0 trillion from $125.7 trillion in the first half of 2018. Trade count grew by 6.7% over the same period. Single currency fixed-for-floating interest rate swaps (IRS) traded notional increased by 2.4%, while forward rate agreements (FRAs) and overnight index swaps (OIS) traded notional grew by 19.3% and 16.0%, respectively, in the first half of 2019 compared with the first half of 2018.
- Cleared IRD transactions represented 88.9% of total traded notional, compared with 88.1% in the first half of 2018. About 96% of fixed-for-floating IRS, 100% of FRA, 95% of OIS, and 25% of other IRD traded notional was cleared in the first half of 2019.
- SEF-traded swaps represented 58.8% of total traded notional, compared with 56.3% in the first half of 2018. About 59% of fixed-for-floating IRS, 82% of FRA, 32% of OIS and 37% of other IRD traded notional was executed on SEFs in the first half of 2019.
- Credit derivatives traded notional decreased by 11.7% to $4.4 trillion from $4.9 trillion in the first half of 2018. Trade count fell by 5.1% over the same period. CDX HY traded notional declined by 8.6% to $719.5 billion from $786.8 billion in the first half of 2018, and CDX IG traded notional decreased by 2.2% over the same period to $1.6 trillion from $1.7 trillion. iTraxx Europe traded notional decreased by 13.0% to $843.4 billion in the first half of 2019 from $969.7 billion in the first half of 2018.
- Cleared transactions represented 80.6% of total traded notional, compared with 83.4% in the first half of 2018. About 98% of CDX HY, 99% of CDX IG, 95% of iTraxx Europe and 35% of other credit derivatives traded notional was cleared.
- SEF-traded credit derivatives represented 77.0% of total traded notional, compared with 79.3% in the first half of 2018. About 97% of CDX HY, 98% of CDX IG, 91% of iTraxx Europe and 25% of other credit derivatives traded notional was executed on SEFs.
Click on the attached PDFs to read the summary and/or full report.
Documents (2) for SwapsInfo First Half of 2019 and Second Quarter of 2019 Review
Latest
Accounting for Tokenized Assets as Collateral
The use of tokenized assets as collateral for derivatives and securities financing transactions (SFTs) is emerging as a significant development in global capital markets. Financial institutions are increasingly evaluating tokenized representations of money market funds, government securities and other high-quality...
US Treasury Repo Clearing Indicator September 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities...
CDM: User Journey from Concept to Production
The Common Domain Model (CDM) is a standardized, machine-readable and executable model for representing financial products, lifecycle events and contractual information. By providing an open source shared language across firms and platforms, it supports interoperability, automation, resource optimization and reduced...
ISDA DTF Tokyo Scott O'Malia Remarks
ISDA Derivatives Trading Forum Tokyo, October 23, 2026 Opening Remarks Scott O’Malia ISDA Chief Executive Good afternoon, and welcome to the ISDA Tokyo Derivatives Trading Forum. Thanks for joining us today, and a big thank you to our sponsors,...