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
ISDA Responds to FCA Consultation on Improving UK MiFIR Transaction Reporting Regime
On February 20, ISDA submitted a response to the Financial Conduct Authority’s (FCA) consultation paper CP25/32 on Improving the UK transaction reporting regime. The consultation aims to “reduce the regulatory burden on firms, support sustained economic growth in the UK, enhance our...
Episode 55: Tokenization in Derivatives Markets
Tokenization has the potential to bring much-needed efficiency and flexibility to collateral management. Sandy Kaul from Franklin Templeton and the DTCC’s Joseph Spiro talk about the opportunities and the path to broader adoption. Please view this page via Chrome to...
Standard Reference Obligations (SROs) – Webinar on New Selection Process
On February 13, 2026, ISDA and S&P hosted a webinar detailing the new SRO selection process. Access to the webinar can be found here.
Response to BoE on Systemic Stablecoins
On February 10, ISDA responded to the Bank of England’s (BoE) consultation on a proposed regulatory regime for sterling-denominated systemic stablecoins. In the response, ISDA highlights that any regulatory framework should be assessed through the lens of prudent risk management...
