This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to what is reported in the US.
Key highlights of the first quarter of 2025 include:
- European credit default swap (CDS) traded notional rose by 28.0% to $3.0 trillion in the first quarter of 2025 compared to $2.3 trillion in the first quarter of 2024. 75.4% of CDS traded notional in Europe was reported in the UK, with the EU accounting for 24.6%.
- European index CDS traded notional increased by 24.2% to $2.7 trillion in the first quarter of 2025 from $2.2 trillion in the first quarter of 2024. The UK accounted for 72.7% of European index CDS traded notional and the EU made up 27.3%.
- European single-name CDS grew by 69.8% to $328.8 billion from $193.6 billion. The UK accounted for the majority of single-name CDS trading in Europe, comprising 98.0% of traded notional. The EU share remained small at 2.0%.
- CDS traded notional reported in the US increased by 89.5% to $5.5 trillion from $2.9 trillion. Combined European and US traded notional reached a peak of $8.5 trillion in the first quarter of 2025 compared to $5.3 trillion in the first quarter of 2024.
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Documents (1) for Credit Derivatives Trading Activity Reported in EU, UK and US Markets: First Quarter of 2025
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