ISDA is expanding its SwapsInfo dataset to include European credit derivatives trading activity, complementing existing research on credit default swaps (CDS) trading in the US. This addition provides a more comprehensive view of global market trends, offering valuable insights into trading activity across key jurisdictions.
Analysis from the second half of 2021 to the end of 2024 shows that the UK dominated European CDS trading, accounting for 70%-80% of total traded notional, including both index and single-name CDS, while the EU represented 20%-30%. On a global scale, about 30% of CDS trading was reported in the UK, 10% was reported in the EU and 50%-60% was reported in the US. European single-name CDS activity was concentrated in the UK, which accounted for over 96% of total traded notional. The share reported in the EU ranged between 0.5% and 4.0%. Globally, trading in single-name CDS was evenly split between the US and UK, with the EU representing less than 3%.
The analysis is based on transactions publicly reported by 18 European approved publication arrangements (APAs) and trading venues (TVs).
Click on the attached PDF to read the full report.
Documents (1) for Credit Derivatives Trading Activity Reported in EU, UK and US Markets
Latest
ISDA Publishes SPS Matrix Version 1.02
On December 19, 2025, ISDA published an updated version (v1.02) of the ISDA Digital Asset Derivative Definitions Settlement Price Source Matrix (‘SPS Matrix”). The SPS Matrix contains a list of Settlement Price Sources (SPSs) and related terms that parties can...
From Milestone to Modernization
We’re coming to the end of an exceptionally busy year at ISDA, in which we celebrated our 40th anniversary and doubled down on our enduring commitment to safe and efficient derivatives markets. Reflecting on ISDA’s achievements since 1985, it’s clear...
Response on ASIC Derivative Transaction Rules
On December 3, ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules (Clearing) 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake...
IRD Trading Activity Q3 2025
This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the third quarter of 2025 include:...