SwapsInfo Full Year 2024 and the Fourth Quarter of 2024

Interest rate derivatives (IRD) trading activity increased in 2024, driven by interest rate volatility, adjustments in central bank policies and shifting market expectations on inflation and economic growth. Index credit derivatives also saw increased activity, as measured by traded notional, as market participants responded to a changing macroeconomic environment. Factors including credit spread fluctuations, corporate default concerns and geopolitical uncertainties led to higher demand for credit hedging.

Key highlights for the full year 2024, include:

  • IRD traded notional rose by 15.6% to $366.6 trillion in 2024 from $317.1 trillion in 2023. Trade count grew by 8.2% to 2.7 million from 2.5 million over the same period.
  • 68.2% of IRD traded notional had a tenor up to and including one year, 22.1% had a tenor between one and five years and 9.7% had a tenor over five years.
  • Cleared IRD transactions made up 81.7% of total IRD traded notional and 83.6% of trade count. 90.6% of fixed-for-floating interest rate swaps (IRS), 95.4% of forward rate agreements (FRA), 89.2% of overnight index swaps (OIS) and 10.4% of other IRD traded notional was cleared.
  • IRD transactions executed on swap execution facilities (SEFs) comprised 57.1% of total IRD traded notional and 74.5% of trade count. 53.1% of fixed-for-floating IRS, 83.6% of FRA, 59.3% of OIS and 37.1% of other IRD traded notional was executed on SEFs.
  • Index credit derivatives traded notional climbed by 14.7% to $12.7 trillion in 2024 from $11.1 trillion in 2023. Trade count fell by 6.9% to 316.8 thousand from 340.3 thousand.
  • Security-based credit derivatives traded notional declined by 11.7% to $669.1 billion from $758.1 billion in 2023. Trade count fell by 16.6% to 208.2 thousand from 249.6 thousand over the same period.

Click on the attached PDF to read the full report.

Documents (1) for SwapsInfo Full Year 2024 and the Fourth Quarter of 2024

Response on EC’s SFR Proposal

On April 9, ISDA published technical comments on the European Commission’s (EC) proposed Settlement Finality Regulation (SFR) as it applies to designated EU systems and registered third-country systems. One significant concern is that the scope of insolvency protections provided to...

Natixis CIB Adopts ISDA’s DRR

ISDA has announced that Natixis CIB has adopted ISDA’s Digital Regulatory Reporting (DRR) solution, enabling the bank to meet regulatory reporting requirements more efficiently and accurately. The ISDA DRR uses the Common Domain Model (CDM) – an open-source data standard...

Paper on MIFIR PTT

On April 7, ISDA, the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA) and the European Banking Federation (EBF) published a paper on proposals relating to post-trade transparency (PTT) under the Markets in Financial Instruments...

Data Integrity for Single-sided Reporting

On April 2, ISDA published a paper on why single-sided reporting does not compromise the quality and integrity of data received by supervisors. The paper addresses concerns among regulators that moving from dual-sided reporting would adversely affect the quality of...