SwapsInfo First Quarter of 2020 Review

The ISDA SwapsInfo Quarterly Review provides analysis of interest rate derivatives (IRD) and credit derivatives trading activity. The report provides a breakdown of cleared and non-cleared activity, swap execution facility (SEF) and off-SEF traded notional, product taxonomy and currency information. 

Trading volumes for IRD and credit derivatives both increased during the first quarter of 2020, driven by market volatility caused by the coronavirus pandemic. For IRD, the increase was particularly noticeable in overnight index swaps. For credit derivatives, there was more trading activity across all major indices.

Other key highlights for the first quarter of 2020 include:

  • IRD traded notional increased to $87.4 trillion from $70.0 trillion in the first quarter of 2019. Trade count grew to 481.6 thousand from 378.0 thousand over the same period.
  • Cleared IRD transactions represented 91.2% of total traded notional and 84.1% of trade count.
  • SEF-traded IRD represented 52.8% of total traded notional and 61.0% of trade count.
  • Credit derivatives traded notional increased to $3.9 trillion from $2.4 trillion in the first quarter of 2019. Trade count grew to 102.0 thousand from 63.2 thousand over the same period.
  • Cleared credit derivatives transactions represented 83.3% of total traded notional and 82.2% of trade count.
  • SEF-traded credit derivatives represented 79.9% of total traded notional and 79.1% of trade count.

Click on the PDFs below to read the summary and/or full report.

Paper on Enhancing Liquidity and Risk Management

As ISDA marks its 40th anniversary this year, it is an opportune time to reflect on the challenges and opportunities faced by the global derivatives markets over the past four decades. Rapid growth, continued innovation, regulatory reform, central clearing, margining,...

Trade Bodies Seek Delay on Third-Country CCP Rules

On October 21, ISDA and nine other trade associations – the Alternative Investment Management Association, the European Association of Co-operative Banks, the European Association of Corporate Treasurers, the European Banking Federation, the European Fund and Asset Management Association, the European...

ISDA and Tokenovate Launch CDM Taskforce

ISDA and Tokenovate have today announced the establishment of a new taskforce within the Fintech Open Source Foundation (FINOS) to accelerate operationalization of the Common Domain Model (CDM). The initiative responds to growing market demand for standardized, interoperable post-trade processing...

ISDA Trading Forum Sydney: CEO Remarks

ISDA Derivatives Trading Forum Sydney October 21, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer   Good morning, and welcome to the Derivatives Trading Forum. It’s great to be back in Sydney following our last trip back in August....