Interest rate derivatives (IRD) trading activity grew in the year-to-September 2024 compared to the same period in 2023, driven by interest rate volatility and adjustments to central bank policies. Index credit derivatives also saw increased trading activity as market participants sought to hedge against credit risk in a shifting macroeconomic environment.
Key highlights for the year-to-September 30, 2024, include:
- IRD traded notional rose by 21.2% to $311.9 trillion in the nine months to September 30 from $257.3 trillion in the nine months to September 30, 2023. Trade count grew by 17.8% to 2.3 million from 2.0 million over the same period.
- Cleared IRD transactions accounted for 72.3% of total IRD traded notional and 75.8% of trade count. 83.4% of fixed-for- floating IRS, 78.9% of FRA, 82.7% of OIS and 6.7% of other IRD traded notional was cleared.
- IRD transactions executed on swap execution facilities (SEFs) comprised 57.7% of total IRD traded notional and 72.2% of trade count.
- Index credit derivatives traded notional increased by 11.8% to $9.6 trillion in the nine months to September 30 from $8.6 trillion in the nine months to September 30, 2023. Trade count fell by 1.6% to 258.4 thousand from 262.6 thousand over the same period.
- Security-based credit derivatives traded notional fell by 9.8% to $532.0 billion in the nine months to September 30 from $589.7 billion in the year to September 30, 2023. Trade count fell by 12.9% to 166.7 thousand from 191.4 thousand over the same period.
Click on the attached PDF to read the full report.
Documents (1) for SwapsInfo Third Quarter of 2024 and Year-to-September 30, 2024 Review
Latest
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...
Response on CSDD Guidelines
On August 6, ISDA responded to the European Commission’s (EC) consultation on due diligence guidelines under the Corporate Sustainability Due Diligence Directive (CSDDD). While ISDA acknowledges that model contractual clauses can be a helpful resource for in-scope companies, there are...
Response to BoE on Extension of Settlement Hours
On August 6, ISDA responded to the Bank of England’s (BoE) consultation paper on the extension of settlement hours for RTGS and CHAPS, the UK’s high-value payment system. ISDA supports the BoE’s plan to extend RTGS and CHAPS settlement hours...
SwapsInfo H1 2026 & Q2 2026 Review
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in the first half of 2026 compared with the same period in 2025. Growth in IRD was driven by overnight index swaps (OIS), while higher index credit derivatives activity...