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
ISDA Response to CFTC Tokenized Collateral and Stablecoin Initiative
ISDA has responded to the CFTC’s Request for Input on the Tokenized Collateral and Stablecoin Initiative, offering perspectives on how tokenization and GENIUS Act–compliant payment stablecoins might contribute to more efficient and resilient collateral practices in derivatives markets. The letter...
Protected: 2025 Year-End Bonus Election Form
This content is password protected. To view it please enter your password below: Password:
Key IRD Trends from BIS 2025 Survey
This paper highlights changes in over-the-counter (OTC) interest rate derivatives (IRD) markets between April 2022 and April 2025, based on data from the Bank for International Settlements (BIS) Triennial Central Bank Survey. The survey provides a comprehensive view of global...
RMB IRD Growth in Mainland China & Hong Kong
This report analyzes interest rate derivatives (IRD) activity in mainland China and Hong Kong, with a particular focus on renminbi (RMB)-denominated IRD. It examines market growth, structure and integration across onshore and offshore centers, and places these developments within the...