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

Key highlights for the full year 2023 include:

• IRD traded notional rose by 11.2% to $324.5 trillion in 2023 from $291.9 trillion in 2022. Trade count increased to 2.5 million from 2.3 million over the same period.
• Cleared IRD transactions comprised 78.2% of total IRD traded notional and 79.8% of total trade count.
• IRD transactions traded on swap execution facilities (SEFs) accounted for 54.1% of total IRD traded notional and 68.3% of trade count.
• Index credit derivatives traded notional dropped by 23.2% to $11.0 trillion in 2023 from $14.4 trillion in 2022. Trade count fell to 339.6 thousand from 398.4 thousand over the same period.
• Cleared index credit derivatives transactions accounted for 86.4% of total index credit derivatives traded notional and 89.7% of total trade count.
• SEF-traded index credit derivatives comprised 85.0% of total index credit derivatives traded notional and 88.6% of total trade count.

Click on the attached PDF to read the full report.