The latest ISDA SwapsInfo Quarterly Review shows that interest rate derivatives (IRD) traded notional and trade count increased in the first quarter of 2023 compared to the first quarter of 2022, while index credit derivatives trading activity declined over the same period.

Key highlights for the first quarter of 2023 include:

• Total IRD traded notional rose by 23.5% to $106.1 trillion in the first quarter of 2023 from $86.0 trillion in the first quarter of 2022. Trade count increased by 30.1% to 750.2 thousand from 576.7 thousand over the same period.
• Cleared IRD transactions comprised 78.4% of total IRD traded notional and 78.1% of total trade count.
• IRD traded on swap execution facilities (SEFs) made up 53.1% of total IRD traded notional and 66.7% of total trade count.
• Index credit derivatives traded notional decreased by 18.8% to $3.7 trillion in the first quarter of 2023 from $4.5 trillion in the first quarter of 2022. Trade count declined by 7.2% to 106.4 thousand from 114.6 thousand over the same period.
• Cleared index credit derivatives transactions accounted for 87.4% of total index credit derivatives traded notional and 90.4% of total trade count.
• SEF-traded index credit derivatives comprised 85.3% of total index credit derivatives traded notional and 88.7% of trade count.
• Security-based credit derivatives traded notional totaled $201.9 billion and trade count was 62.4 thousand.
• Cleared security-based credit derivatives transactions accounted for 51.2% of total traded notional and 49.0% of trade count.

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